Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $35.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective raised by Truist Financial from $34.00 to $35.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

MGY has been the subject of a number of other research reports. Mizuho raised their target price on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a neutral rating in a research note on Monday, May 13th. Wells Fargo & Company boosted their price target on Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an equal weight rating in a research note on Thursday, April 18th. Capital One Financial assumed coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, June 11th. They issued an overweight rating and a $28.00 target price for the company. Bank of America upped their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. Finally, Citigroup boosted their target price on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the stock a sell rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of Hold and an average price target of $29.00.

Magnolia Oil & Gas Stock Performance

MGY stock traded up $0.31 during trading hours on Friday, reaching $23.83. The stock had a trading volume of 1,173,611 shares, compared to its average volume of 2,768,350. The stock has a market capitalization of $4.83 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.90 and a beta of 2.02. The stock has a 50-day simple moving average of $25.48 and a 200 day simple moving average of $24.43. Magnolia Oil & Gas has a fifty-two week low of $19.16 and a fifty-two week high of $27.63. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.71.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The company had revenue of $319.42 million during the quarter, compared to analysts’ expectations of $308.21 million. Analysts predict that Magnolia Oil & Gas will post 2.22 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.87%.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director John B. Walker sold 12,000,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the completion of the sale, the director now owns 4,164,961 shares in the company, valued at $106,539,702.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new position in Magnolia Oil & Gas in the second quarter worth $2,212,000. Natixis Advisors LLC raised its stake in shares of Magnolia Oil & Gas by 30.3% during the second quarter. Natixis Advisors LLC now owns 93,698 shares of the company’s stock valued at $2,374,000 after acquiring an additional 21,774 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Magnolia Oil & Gas by 14.5% during the 2nd quarter. Signaturefd LLC now owns 11,112 shares of the company’s stock worth $282,000 after acquiring an additional 1,409 shares during the period. F M Investments LLC bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter valued at $11,675,000. Finally, Legato Capital Management LLC purchased a new stake in Magnolia Oil & Gas in the second quarter worth about $244,000. Institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.