Magnolia Oil & Gas (NYSE:MGY) Coverage Initiated at Wolfe Research

Wolfe Research started coverage on shares of Magnolia Oil & Gas (NYSE:MGY) in a report issued on Thursday morning, MarketBeat.com reports. The firm issued an outperform rating and a $32.00 price objective on the stock.

MGY has been the topic of a number of other reports. Citigroup boosted their price target 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. Susquehanna upped their target price on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a positive rating in a research report on Monday, April 22nd. Truist Financial upped their target price on shares of Magnolia Oil & Gas from $33.00 to $35.00 and gave the stock a buy rating in a research report on Friday, May 31st. Capital One Financial initiated coverage on shares of Magnolia Oil & Gas in a research report on Tuesday, June 11th. They set an overweight rating and a $28.00 target price on the stock. Finally, Mizuho upped 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 report on Monday, May 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $28.50.

Magnolia Oil & Gas Trading Down 1.7 %

Shares of Magnolia Oil & Gas stock opened at $26.80 on Thursday. Magnolia Oil & Gas has a 52-week low of $19.16 and a 52-week high of $27.62. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.21. The company’s 50-day simple moving average is $25.35 and its 200-day simple moving average is $24.03. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 1.50 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a net margin of 30.46% and a return on equity of 20.41%. The business had revenue of $319.42 million for the quarter, compared to analyst estimates of $308.21 million. As a group, equities research analysts anticipate that Magnolia Oil & Gas will post 2.25 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Friday, May 10th. 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 company’s stock in a transaction that occurred on 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 transaction, the director now owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently modified their holdings of the company. Brown Advisory Inc. purchased a new position in shares of Magnolia Oil & Gas during the fourth quarter valued at approximately $694,000. Nordea Investment Management AB lifted its stake in shares of Magnolia Oil & Gas by 37.1% during the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after buying an additional 141,046 shares during the period. Maryland State Retirement & Pension System purchased a new position in shares of Magnolia Oil & Gas during the first quarter valued at approximately $1,721,000. Texas Permanent School Fund Corp purchased a new position in shares of Magnolia Oil & Gas during the first quarter valued at approximately $4,207,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Magnolia Oil & Gas by 9.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock worth $64,751,000 after purchasing an additional 274,908 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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.