Magnolia Oil & Gas (NYSE:MGY) Stock Gets Price Target Reduction from Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) had its price objective decreased by research analysts at Wells Fargo & Company from $36.00 to $30.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 20.46% from the company’s previous close.

A number of other analysts have also issued reports on MGY. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $33.00 in a research note on Tuesday, September 8th. Zacks Research raised shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Wall Street Zen raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Citigroup dropped their target price on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Magnolia Oil & Gas Stock Down 0.8%

NYSE MGY traded down $0.20 during mid-day trading on Wednesday, reaching $24.91. 537,092 shares of the company’s stock traded hands, compared to its average volume of 3,573,830. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a fifty day simple moving average of $25.84 and a 200-day simple moving average of $27.15. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 10.91 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. Magnolia Oil & Gas’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. As a group, equities research analysts expect that Magnolia Oil & Gas will post 2.75 EPS for the current year.

Insider Transactions at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David Khani bought 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Valued Wealth Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas in the first quarter valued at approximately $29,000. Harbor Investment Advisory LLC acquired a new stake in shares of Magnolia Oil & Gas in the second quarter valued at $39,000. Ancora Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the 2nd quarter worth approximately $51,000. Versant Capital Management Inc boosted its holdings in Magnolia Oil & Gas by 96.9% during the second quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock worth $58,000 after buying an additional 1,111 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter worth $72,000. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia’s operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.