Magnolia Oil & Gas (NYSE:MGY) Upgraded by Zacks Investment Research to Hold

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Zacks Investment Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a sell rating to a hold rating in a research report released on Thursday morning, Zacks.com reports.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

A number of other research firms also recently weighed in on MGY. Piper Jaffray Companies decreased their price objective on Magnolia Oil & Gas from $14.00 to $13.00 and set an overweight rating on the stock in a report on Monday, September 30th. Citigroup lifted their price objective on Magnolia Oil & Gas from $11.50 to $12.00 and gave the company a neutral rating in a report on Monday, September 23rd. TheStreet downgraded Magnolia Oil & Gas from a c- rating to a d rating in a report on Thursday, September 19th. R. F. Lafferty set a $20.00 price objective on Magnolia Oil & Gas and gave the company a buy rating in a report on Wednesday, August 7th. Finally, Barclays started coverage on Magnolia Oil & Gas in a report on Friday, August 30th. They issued an overweight rating and a $13.00 target price on the stock. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Magnolia Oil & Gas has an average rating of Buy and a consensus target price of $15.50.

NYSE MGY opened at $10.05 on Thursday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $10.72 and its two-hundred day moving average is $11.38. Magnolia Oil & Gas has a 1-year low of $9.27 and a 1-year high of $14.18.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The company had revenue of $242.96 million for the quarter, compared to analyst estimates of $239.51 million. Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. Research analysts predict that Magnolia Oil & Gas will post 0.45 earnings per share for the current fiscal year.

In other Magnolia Oil & Gas news, Chairman Stephen I. Chazen bought 25,000 shares of Magnolia Oil & Gas stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of $10.22 per share, with a total value of $255,500.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 7.90% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its holdings in Magnolia Oil & Gas by 23.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 30,382 shares of the company’s stock worth $337,000 after buying an additional 5,828 shares in the last quarter. Hancock Whitney Corp acquired a new position in Magnolia Oil & Gas during the 2nd quarter worth $4,326,000. United Services Automobile Association lifted its holdings in Magnolia Oil & Gas by 25.8% during the 2nd quarter. United Services Automobile Association now owns 444,265 shares of the company’s stock worth $5,145,000 after buying an additional 91,060 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in Magnolia Oil & Gas by 594.6% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 116,700 shares of the company’s stock worth $1,351,000 after buying an additional 99,900 shares in the last quarter. Finally, Waddell & Reed Financial Inc. lifted its holdings in Magnolia Oil & Gas by 1.2% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 2,873,225 shares of the company’s stock worth $33,272,000 after buying an additional 33,066 shares in the last quarter. 67.00% of the stock is currently owned by hedge funds and other institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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