Magnolia Oil & Gas (NYSE:MGY) Rating Increased to Accumulate at Johnson Rice

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities researchers at Johnson Rice from a “hold” rating to an “accumulate” rating in a note issued to investors on Monday, MarketBeat reports. The brokerage currently has a $32.00 price target on the stock. Johnson Rice’s price objective points to a potential upside of 21.92% from the company’s current price.

Several other brokerages have also issued reports on MGY. Wall Street Zen raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Zacks Research cut Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Susquehanna upped their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Truist Financial upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their price target for the stock from $32.00 to $33.00 in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.62.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $26.25 on Monday. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 11.51 and a beta of 0.72. 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 business’s 50-day moving average price is $26.01 and its 200-day moving average price is $27.71. Magnolia Oil & Gas has a 12 month low of $21.07 and a 12 month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data 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. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business had revenue of $478.81 million during the quarter, compared to analyst estimates of $458.10 million. During the same quarter last year, the business earned $0.41 EPS. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. Equities research analysts forecast that Magnolia Oil & Gas will post 2.79 EPS for the current year.

Insider Transactions at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David M. Khani purchased 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the acquisition, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. This represents a 35.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MGY. AQR Capital Management LLC raised its holdings in shares of Magnolia Oil & Gas by 77.7% during the first quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock valued at $1,423,000 after purchasing an additional 24,631 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Magnolia Oil & Gas by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock valued at $2,605,000 after buying an additional 4,512 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Magnolia Oil & Gas by 8.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock worth $6,135,000 after buying an additional 18,447 shares during the period. Intech Investment Management LLC boosted its holdings in Magnolia Oil & Gas by 11.3% in the first quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock worth $1,738,000 after acquiring an additional 7,008 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after acquiring an additional 864 shares during the period. 94.73% of the stock is owned by institutional investors.

About Magnolia Oil & Gas

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).