Truist Financial Forecasts Strong Price Appreciation for Magnolia Oil & Gas (NYSE:MGY) Stock

Magnolia Oil & Gas (NYSE:MGY) had its target price upped by investment analysts at Truist Financial from $33.00 to $34.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 33.60% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a research note on Tuesday, October 15th. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Piper Sandler cut their price target on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. Mizuho upped their price target on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded up $0.57 during midday trading on Monday, reaching $25.45. The company’s stock had a trading volume of 109,723 shares, compared to its average volume of 1,682,298. Magnolia Oil & Gas has a 12-month low of $19.16 and a 12-month high of $29.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a 50 day moving average price of $25.64 and a 200-day moving average price of $25.50. The stock has a market capitalization of $5.00 billion, a P/E ratio of 12.60, a PEG ratio of 1.29 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. As a group, equities analysts predict that Magnolia Oil & Gas will post 2 earnings per share for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently modified their holdings of MGY. Fulton Bank N.A. boosted its holdings in Magnolia Oil & Gas by 10.9% in the 4th quarter. Fulton Bank N.A. now owns 11,534 shares of the company’s stock worth $270,000 after buying an additional 1,129 shares during the period. Oliver Luxxe Assets LLC raised its position in shares of Magnolia Oil & Gas by 6.2% during the 4th quarter. Oliver Luxxe Assets LLC now owns 93,048 shares of the company’s stock valued at $2,175,000 after buying an additional 5,424 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Magnolia Oil & Gas by 1.3% during the 4th quarter. Nordea Investment Management AB now owns 422,341 shares of the company’s stock valued at $9,938,000 after buying an additional 5,455 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Magnolia Oil & Gas by 10.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,015,960 shares of the company’s stock valued at $49,238,000 after buying an additional 184,793 shares in the last quarter. Finally, Tidal Investments LLC raised its position in shares of Magnolia Oil & Gas by 21.9% during the 3rd quarter. Tidal Investments LLC now owns 34,636 shares of the company’s stock valued at $846,000 after buying an additional 6,225 shares in the last quarter. 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.