Magnolia Oil & Gas (NYSE:MGY) Given New $24.00 Price Target at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY) had its price objective trimmed by JPMorgan Chase & Co. from $28.00 to $24.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts have also recently commented on the company. Piper Sandler increased their target price on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Johnson Rice lowered shares of Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a report on Tuesday, January 28th. Bank of America reaffirmed a “neutral” rating and issued a $28.00 target price (down from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Truist Financial increased their price target on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Williams Trading set a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus target price of $27.77.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $22.51 on Thursday. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The firm has a market cap of $4.37 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 3.01 and a beta of 1.90. Magnolia Oil & Gas has a 12 month low of $21.63 and a 12 month high of $29.02. The company’s 50-day moving average price is $24.13 and its two-hundred day moving average price is $25.06.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The business had revenue of $326.61 million for the quarter, compared to the consensus estimate of $327.40 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. On average, equities analysts anticipate that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s dividend payout ratio is currently 31.09%.

Insiders Place Their Bets

In other news, CEO Christopher G. Stavros bought 2,500 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $22.05 per share, for a total transaction of $55,125.00. Following the completion of the acquisition, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. This trade represents a 0.28 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently made changes to their positions in MGY. FMR LLC lifted its holdings in Magnolia Oil & Gas by 174.9% during the third quarter. FMR LLC now owns 34,851 shares of the company’s stock worth $851,000 after acquiring an additional 22,171 shares in the last quarter. HighTower Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the 3rd quarter valued at approximately $353,000. Intech Investment Management LLC bought a new stake in Magnolia Oil & Gas during the 3rd quarter worth approximately $1,252,000. Citigroup Inc. raised its holdings in Magnolia Oil & Gas by 30.6% during the 3rd quarter. Citigroup Inc. now owns 313,778 shares of the company’s stock worth $7,662,000 after buying an additional 73,431 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Magnolia Oil & Gas by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,991,017 shares of the company’s stock valued at $48,621,000 after buying an additional 75,305 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.