Magnolia Oil & Gas (NYSE:MGY) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Magnolia Oil & Gas (NYSE:MGY) from an equal weight rating to an underweight rating in a report published on Tuesday morning, Marketbeat Ratings reports. The firm currently has $22.00 price objective on the stock, down from their prior price objective of $26.00.

A number of other equities analysts have also weighed in on MGY. Bank of America upped their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Benchmark restated a hold rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Capital One Financial assumed 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 for the company. Piper Sandler dropped their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a neutral rating for the company in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a neutral rating for the company in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $27.27.

Magnolia Oil & Gas Stock Performance

MGY opened at $26.25 on Tuesday. The firm has a market cap of $5.32 billion, a P/E ratio of 13.06, a PEG ratio of 1.21 and a beta of 2.00. Magnolia Oil & Gas has a 1-year low of $19.16 and a 1-year high of $27.63. The company has a 50 day simple moving average of $24.87 and a two-hundred day simple moving average of $25.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The business had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Equities analysts forecast that Magnolia Oil & Gas will post 2.04 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 1.98%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.87%.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Institutional investors have recently made changes to their positions in the company. Nordea Investment Management AB lifted its holdings in shares of Magnolia Oil & Gas by 37.1% in the 1st quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock worth $13,387,000 after acquiring an additional 141,046 shares during the last quarter. Maryland State Retirement & Pension System bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter worth about $1,721,000. Texas Permanent School Fund Corp bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter worth about $4,207,000. Vanguard Group Inc. lifted its holdings in shares of Magnolia Oil & Gas by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. Finally, Wasatch Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 2.2% in the 4th quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock worth $78,331,000 after acquiring an additional 77,733 shares during the last quarter. 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.