Magnolia Oil & Gas (NYSE:MGY) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Magnolia Oil & Gas (NYSE:MGY) from a buy rating to a hold rating in a report issued on Sunday morning,Wall Street Zen reports.

Other equities research analysts have also issued reports about the company. Scotiabank assumed coverage on Magnolia Oil & Gas in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $31.00 price target for the company. Seaport Research Partners initiated coverage on shares of Magnolia Oil & Gas in a report on Thursday, September 3rd. They set a “neutral” rating on the stock. Siebert Williams Shank raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $32.00 in a report on Wednesday, September 23rd. Johnson Rice upgraded shares of Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and reduced their target price for the stock from $33.00 to $32.00 in a research note on Monday, August 17th. Finally, Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Moderate Buy” and an average price target of $31.39.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $22.98 on Friday. The company has a market cap of $5.44 billion, a PE ratio of 8.69 and a beta of 0.72. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $32.76. The business has a 50 day moving average price of $25.29 and a 200-day moving average price of $27.03. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.46.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13. The company had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. Magnolia Oil & Gas had a return on equity of 19.90% and a net margin of 25.82%. The company’s revenue for the quarter was up 58.2% on a year-over-year basis. During the same quarter last year, the company earned $0.42 earnings per share. Equities analysts anticipate that Magnolia Oil & Gas will post 2.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, November 10th. Magnolia Oil & Gas’s payout ratio is presently 32.29%.

Institutional Trading of Magnolia Oil & Gas

Institutional investors and hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. lifted its holdings in Magnolia Oil & Gas by 76.4% during the third quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company’s stock worth $32,000 after acquiring an additional 595 shares during the period. Harbor Investment Advisory LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter valued at $39,000. Ancora Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at $51,000. Global Retirement Partners LLC increased its position in shares of Magnolia Oil & Gas by 34.7% during the 3rd quarter. Global Retirement Partners LLC now owns 2,196 shares of the company’s stock valued at $52,000 after purchasing an additional 566 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its position in shares of Magnolia Oil & Gas by 55.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 2,444 shares of the company’s stock valued at $57,000 after purchasing an additional 873 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation is an independent exploration and production company focused on developing oil and natural gas resources in South Texas. Its operations target the Eagle Ford Shale and Austin Chalk formations. The company’s assets are concentrated in the Karnes and Giddings areas. Its production includes crude oil, natural gas and natural gas liquids. Magnolia was established in 2018 through a business combination with TPG Pace Holdings. It is headquartered in Houston, Texas.