Piper Sandler Issues Positive Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY) had its price target raised by Piper Sandler from $26.00 to $28.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently commented on MGY. Citigroup increased their target price on Magnolia Oil & Gas from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. The Goldman Sachs Group increased their price objective on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Weiss Ratings restated a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Bank of America upgraded shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and upped their target price for the company from $26.00 to $28.00 in a research report on Friday, January 16th. Finally, KeyCorp lifted their price target on Magnolia Oil & Gas from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Eight investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Moderate Buy” and an average target price of $28.18.

Magnolia Oil & Gas Trading Up 2.2%

Shares of Magnolia Oil & Gas stock opened at $29.24 on Thursday. Magnolia Oil & Gas has a twelve month low of $19.09 and a twelve month high of $29.37. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $24.89 and a 200-day moving average price of $23.83. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 17.00 and a beta of 0.89.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $317.63 million during the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The firm’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. Equities research analysts anticipate that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of MGY. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Magnolia Oil & Gas by 236.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after buying an additional 836 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Magnolia Oil & Gas during the third quarter worth $31,000. Salomon & Ludwin LLC increased its position in Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after buying an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after purchasing an additional 864 shares during the last quarter. Finally, Torren Management LLC purchased a new position in shares of Magnolia Oil & Gas in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).