Wall Street Zen Upgrades Magnolia Oil & Gas (NYSE:MGY) to Buy

Magnolia Oil & Gas (NYSE:MGY) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently issued reports on the stock. UBS Group set a $35.00 price target on shares of Magnolia Oil & Gas in a research note on Thursday, October 15th. Johnson Rice raised Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and cut their target price for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Siebert Williams Shank upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $32.00 in a research report on Wednesday, September 23rd. Williams Trading set a $32.00 target price on Magnolia Oil & Gas in a report on Wednesday, September 23rd. Finally, Roth Capital dropped their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.53.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $26.51 on Friday. 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 company has a market capitalization of $6.28 billion, a PE ratio of 11.35 and a beta of 0.80. Magnolia Oil & Gas has a 12 month low of $21.07 and a 12 month high of $32.76. The stock has a 50-day moving average price of $25.73 and a two-hundred day moving average price of $27.01.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Analysts expect that Magnolia Oil & Gas will post 2.83 EPS for the current year.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director David Khani acquired 8,000 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director directly owned 30,622 shares of the company’s stock, valued at $765,550. The trade was a 35.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently made changes to their positions in the stock. Boston Trust Walden Corp boosted its holdings in Magnolia Oil & Gas by 20.2% in the third quarter. Boston Trust Walden Corp now owns 2,866,273 shares of the company’s stock worth $67,329,000 after acquiring an additional 481,513 shares in the last quarter. Covestor Ltd raised its position in shares of Magnolia Oil & Gas by 77.5% during the third quarter. Covestor Ltd now owns 2,709 shares of the company’s stock worth $64,000 after purchasing an additional 1,183 shares during the period. Richardson Financial Services Inc. lifted its holdings in shares of Magnolia Oil & Gas by 76.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company’s stock worth $32,000 after purchasing an additional 595 shares in the last quarter. Provenance Wealth Advisors LLC bought a new position in shares of Magnolia Oil & Gas in the 3rd quarter worth $242,000. Finally, Oregon Public Employees Retirement Fund grew its position in Magnolia Oil & Gas by 26.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 53,153 shares of the company’s stock valued at $1,249,000 after purchasing an additional 11,200 shares during the period. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.