Magnolia Oil & Gas (NYSE:MGY) Price Target Cut to $24.00 by Analysts at Piper Sandler

Magnolia Oil & Gas (NYSE:MGY) had its target price decreased by analysts at Piper Sandler from $26.00 to $24.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential downside of 0.58% from the company’s current price.

MGY has been the subject of several other reports. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a report on Tuesday, October 15th. Truist Financial upped their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. decreased their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Finally, Mizuho upped their target price on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock traded down $0.47 during trading hours on Tuesday, hitting $24.14. The company had a trading volume of 395,110 shares, compared to its average volume of 2,429,142. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $29.02. The firm has a market cap of $4.74 billion, a PE ratio of 11.95, a PEG ratio of 1.29 and a beta of 1.99. The firm has a 50-day moving average of $26.55 and a 200 day moving average of $25.65. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data 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. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. On average, sell-side analysts expect that Magnolia Oil & Gas will post 2 earnings per share for the current year.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas 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 transaction, the director now owns 2,099,403 shares in the company, valued at $54,290,561.58. This trade represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGY. First Horizon Advisors Inc. raised its stake in shares of Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares during the period. Jennison Associates LLC lifted its holdings in shares of Magnolia Oil & Gas by 2.2% in the third quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after buying an additional 506 shares in the last quarter. Atria Investments Inc boosted its position in shares of Magnolia Oil & Gas by 2.3% in the third quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock valued at $576,000 after acquiring an additional 523 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Magnolia Oil & Gas by 1.0% in the third quarter. PNC Financial Services Group Inc. now owns 52,834 shares of the company’s stock worth $1,290,000 after purchasing an additional 548 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Magnolia Oil & Gas by 1.8% in the second quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock worth $931,000 after buying an additional 640 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

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.