Truist Financial Issues Positive Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY) had its price target increased by Truist Financial from $33.00 to $34.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. 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 report on Tuesday, December 17th. Bank of America reiterated a “neutral” rating and issued a $28.00 price objective (down previously from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Finally, Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research report on Tuesday, October 15th. Two 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’s stock. According to data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Stock Up 2.8 %

MGY stock opened at $26.53 on Monday. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $29.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The company has a fifty day moving average of $25.63 and a 200-day moving average of $25.51. The stock has a market capitalization of $5.21 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.25 and a beta of 2.00.

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

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.96%. The ex-dividend date was Friday, November 8th. Magnolia Oil & Gas’s payout ratio is 25.74%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds have recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in shares of Magnolia Oil & Gas during the third quarter valued at approximately $25,000. First Horizon Advisors Inc. lifted 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 worth $25,000 after purchasing an additional 396 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Magnolia Oil & Gas by 62.4% during the third quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock worth $64,000 after purchasing an additional 1,002 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Magnolia Oil & Gas by 36.8% during the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock worth $73,000 after purchasing an additional 804 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of Magnolia Oil & Gas in the third quarter valued at $90,000. 94.73% of the stock is owned by institutional investors and hedge funds.

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.