Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $29.00

Magnolia Oil & Gas (NYSE:MGY) had its target price boosted by Bank of America from $28.00 to $29.00 in a research report released on Tuesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research firms have also recently issued reports on MGY. Truist Financial reduced their price objective on shares of Magnolia Oil & Gas from $35.00 to $34.00 and set a buy rating on the stock in a research report on Monday, July 22nd. Wolfe Research initiated coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an outperform rating and a $32.00 target price for the company. Wells Fargo & Company raised their target price on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an equal weight rating in a report on Thursday, April 18th. Citigroup raised their target price on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a sell rating in a report on Monday, April 15th. Finally, Capital One Financial initiated coverage on shares of Magnolia Oil & Gas in a report on Tuesday, June 11th. They issued an overweight rating and a $28.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $29.00.

Magnolia Oil & Gas Trading Up 2.0 %

Magnolia Oil & Gas stock opened at $26.60 on Tuesday. The stock has a market cap of $5.39 billion, a P/E ratio of 13.23, a PEG ratio of 0.95 and a beta of 2.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.71 and a quick ratio of 1.71. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.62. The firm’s 50 day moving average price is $25.37 and its 200-day moving average price is $24.13.

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 the consensus estimate of $0.44 by $0.05. The firm had revenue of $319.42 million for the quarter, compared to analysts’ expectations of $308.21 million. Magnolia Oil & Gas had a net margin of 30.46% and a return on equity of 20.41%. On average, equities analysts predict that Magnolia Oil & Gas will post 2.2 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Friday, May 10th. Magnolia Oil & Gas’s payout ratio is 25.87%.

Insiders Place Their Bets

In other news, Director John B. Walker sold 12,000,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now directly 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 can be accessed through the SEC website. 1.20% of the stock is owned by insiders.

Institutional Trading of Magnolia Oil & Gas

A number of large investors have recently made changes to their positions in MGY. Foster Victor Wealth Advisors LLC boosted its stake in shares of Magnolia Oil & Gas by 2.8% during the fourth quarter. Foster Victor Wealth Advisors LLC now owns 174,091 shares of the company’s stock valued at $3,639,000 after purchasing an additional 4,800 shares during the period. Independence Bank of Kentucky raised its holdings in shares of Magnolia Oil & Gas by 393.9% in the fourth quarter. Independence Bank of Kentucky now owns 12,100 shares of the company’s stock valued at $258,000 after acquiring an additional 9,650 shares in the last quarter. Defender Capital LLC. bought a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $873,000. Stratos Wealth Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 4.3% in the fourth quarter. Stratos Wealth Advisors LLC now owns 35,968 shares of the company’s stock valued at $766,000 after acquiring an additional 1,473 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Magnolia Oil & Gas by 2.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 83,311 shares of the company’s stock valued at $1,774,000 after acquiring an additional 1,658 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

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.