Magnolia Oil & Gas Co. (NYSE:MGY) Receives Average Rating of “Hold” from Brokerages

Magnolia Oil & Gas Co. (NYSE:MGY) has been assigned a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $27.50.

Several brokerages have issued reports on MGY. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Bank of America raised their price objective on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Susquehanna lowered their target price on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Truist Financial reduced their price target on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a research report on Tuesday, October 15th.

Magnolia Oil & Gas Stock Up 0.6 %

MGY stock opened at $26.01 on Friday. The company has a market capitalization of $5.27 billion, a P/E ratio of 12.94, a PEG ratio of 1.33 and a beta of 1.99. The firm has a 50 day simple moving average of $25.27 and a 200-day simple moving average of $25.40. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million during the quarter, compared to the consensus estimate of $340.72 million. On average, equities research analysts predict that Magnolia Oil & Gas will post 1.98 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 2.00%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently modified their holdings of MGY. Goldman Sachs Group Inc. increased its stake in Magnolia Oil & Gas by 15.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 790,363 shares of the company’s stock valued at $16,827,000 after buying an additional 103,183 shares during the period. Oliver Luxxe Assets LLC lifted its position in Magnolia Oil & Gas by 2.7% in the first quarter. Oliver Luxxe Assets LLC now owns 44,618 shares of the company’s stock worth $1,158,000 after purchasing an additional 1,179 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Magnolia Oil & Gas by 4.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,184,107 shares of the company’s stock valued at $82,628,000 after purchasing an additional 142,717 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter worth $2,928,000. Finally, Maryland State Retirement & Pension System bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter worth $1,721,000. 94.73% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.