Magnolia Oil & Gas (NYSE:MGY) Stock Price Down 5.1% After Analyst Downgrade

Magnolia Oil & Gas Corp (NYSE:MGY)’s stock price traded down 5.1% during trading on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The company traded as low as $22.30 and last traded at $22.4540. Approximately 3,627,155 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 3,513,240 shares. The stock had previously closed at $23.67.

A number of other analysts also recently issued reports on the company. Williams Trading set a $32.00 price objective on Magnolia Oil & Gas in a research report on Wednesday, September 23rd. Citigroup reduced their price objective on shares of Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Truist Financial restated a “buy” rating and issued a $37.00 price objective (up from $35.00) on shares of Magnolia Oil & Gas in a report on Friday. Wells Fargo & Company lowered their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Scotiabank assumed coverage on shares of Magnolia Oil & Gas in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $31.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and a consensus target price of $31.59.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its holdings in Magnolia Oil & Gas by 76.4% in the third quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company’s stock valued at $32,000 after buying an additional 595 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth about $39,000. Ancora Advisors LLC purchased a new position in shares of Magnolia Oil & Gas in the 2nd quarter valued at about $51,000. Salomon & Ludwin LLC increased its holdings in shares of Magnolia Oil & Gas by 55.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 2,444 shares of the company’s stock valued at $57,000 after acquiring an additional 873 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Magnolia Oil & Gas by 96.9% in the 2nd quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock valued at $58,000 after acquiring an additional 1,111 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Down 4.9%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 10.08 and a beta of 0.72. The firm has a 50-day moving average price of $25.44 and a two-hundred day moving average price of $27.04.

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, topping the consensus estimate of $0.58 by $0.13. The firm had revenue of $513.89 million during the quarter, compared to analysts’ expectations of $474.39 million. Magnolia Oil & Gas had a return on equity of 19.90% and a net margin of 25.82%. The firm’s revenue was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. On average, sell-side analysts forecast that Magnolia Oil & Gas Corp will post 2.85 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 10th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.72 dividend on an annualized basis and a yield of 3.2%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 32.29%.

About Magnolia Oil & Gas