Magnolia Oil & Gas (NYSE:MGY) Stock Rating Upgraded by Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities researchers at Wells Fargo & Company to a “hold” rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities research analysts also recently issued reports on MGY. Truist Financial upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their price objective for the stock from $32.00 to $33.00 in a research note on Tuesday, July 28th. Citigroup cut 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 note on Tuesday, August 11th. UBS Group reduced their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a report on Friday, July 10th. 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. Finally, Zacks Research downgraded shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.62.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $27.42 on Wednesday. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 12.03 and a beta of 0.70. The business has a 50 day moving average price of $26.01 and a 200 day moving average price of $27.82. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company had revenue of $478.81 million for the quarter, compared to the consensus estimate of $458.10 million. During the same period in the previous year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. Research analysts predict that Magnolia Oil & Gas will post 2.87 earnings per share for the current year.

Insider Activity

In other news, Director David M. Khani acquired 8,000 shares of the stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 30,622 shares in the company, valued at approximately $765,550. This trade represents 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. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MGY. Valued Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the 1st quarter valued at $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 165.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after acquiring an additional 864 shares during the period. Harbor Investment Advisory LLC acquired a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at about $39,000. Parallel Advisors LLC boosted its position in shares of Magnolia Oil & Gas by 79.8% during the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after acquiring an additional 785 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Magnolia Oil & Gas by 90.5% in the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after acquiring an additional 1,051 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile

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).