Magnolia Oil & Gas (NYSE:MGY) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a neutral rating to an overweight rating in a research note released on Tuesday morning, MarketBeat.com reports. They currently have $33.00 target price on the stock, up from their previous target price of $32.00.

Several other research analysts have also weighed in on MGY. Citigroup lowered their price objective on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. UBS Group cut their target price on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Wells Fargo & Company raised Magnolia Oil & Gas to a “hold” rating in a research note on Wednesday, September 2nd. Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Zacks Research downgraded Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.71.

Magnolia Oil & Gas Trading Down 0.3%

MGY opened at $27.71 on Tuesday. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average of $26.17 and a 200-day moving average of $27.84. The stock has a market cap of $6.57 billion, a PE ratio of 12.15 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. Magnolia Oil & Gas’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 earnings per share. On average, sell-side analysts predict that Magnolia Oil & Gas will post 2.91 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were given a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. Magnolia Oil & Gas’s payout ratio is currently 31.58%.

Insider Activity at Magnolia Oil & Gas

In other news, Director David Khani bought 8,000 shares of Magnolia Oil & Gas stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director directly owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MGY. Valued Wealth Advisors LLC acquired a new stake in Magnolia Oil & Gas in the first quarter valued at approximately $29,000. EverSource Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares during the period. Harbor Investment Advisory LLC bought a new position in shares of Magnolia Oil & Gas in the 2nd quarter worth $39,000. Parallel Advisors LLC lifted its holdings in shares of Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after purchasing an additional 785 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Magnolia Oil & Gas by 90.5% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after purchasing an additional 1,051 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.