Magnolia Oil & Gas (NYSE:MGY) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a hold rating to a sell rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. set a €158.00 ($183.72) price objective on shares of Aena SME and gave the stock a neutral rating in a research report on Tuesday, April 9th. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Wells Fargo & Co cut shares of Occidental Petroleum from an outperform rating to a market perform rating in a research report on Monday, May 20th. Credit Suisse Group restated a buy rating and issued a $241.00 price objective on shares of FedEx in a research report on Monday, April 1st. Finally, Piper Jaffray Companies set a $92.00 price objective on shares of Wintrust Financial and gave the stock a buy rating in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating and thirteen have given a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $16.08.

MGY stock opened at $10.87 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $11.27. Magnolia Oil & Gas has a 1-year low of $9.88 and a 1-year high of $15.23.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Monday, May 6th. The company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). The company had revenue of $218.67 million for the quarter, compared to the consensus estimate of $221.11 million. As a group, sell-side analysts predict that Magnolia Oil & Gas will post 0.69 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in MGY. PNC Financial Services Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 449.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,792 shares of the company’s stock valued at $98,000 after purchasing an additional 7,192 shares during the period. BlackRock Inc. increased its position in Magnolia Oil & Gas by 465.0% during the 4th quarter. BlackRock Inc. now owns 1,649,863 shares of the company’s stock valued at $18,495,000 after buying an additional 1,357,865 shares in the last quarter. Bank of New York Mellon Corp increased its position in Magnolia Oil & Gas by 128.7% during the 4th quarter. Bank of New York Mellon Corp now owns 117,747 shares of the company’s stock valued at $1,320,000 after buying an additional 66,253 shares in the last quarter. Northern Trust Corp increased its position in Magnolia Oil & Gas by 5.4% during the 4th quarter. Northern Trust Corp now owns 275,919 shares of the company’s stock valued at $3,092,000 after buying an additional 14,039 shares in the last quarter. Finally, United Services Automobile Association acquired a new position in Magnolia Oil & Gas during the 4th quarter valued at about $165,000. 67.23% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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