Magnolia Oil & Gas (NYSE:MGY) PT Raised to $28.00

Magnolia Oil & Gas (NYSE:MGY) had its price target boosted by The Goldman Sachs Group from $24.50 to $28.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also commented on MGY. Truist Financial boosted their price target on Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a buy rating in a research note on Friday, February 16th. Mizuho boosted their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a neutral rating in a research note on Thursday, March 14th. Bank of America started coverage on Magnolia Oil & Gas in a research note on Tuesday, February 27th. They issued a buy rating and a $25.00 target price on the stock. Citigroup lowered Magnolia Oil & Gas from a neutral rating to a sell rating and reduced their target price for the company from $24.00 to $18.00 in a research note on Monday, December 11th. Finally, Piper Sandler reduced their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $25.71.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $25.95 on Tuesday. The business’s 50 day moving average is $22.39 and its two-hundred day moving average is $22.01. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.63 and a beta of 2.03. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12-month low of $18.72 and a 12-month high of $25.95.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). The firm had revenue of $322.63 million for the quarter, compared to analysts’ expectations of $324.95 million. Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%. Research analysts expect that Magnolia Oil & Gas will post 2 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Thursday, February 15th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio is currently 25.37%.

Institutional Trading of Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently made changes to their positions in MGY. First Trust Advisors LP increased its holdings in shares of Magnolia Oil & Gas by 562.8% during the 1st quarter. First Trust Advisors LP now owns 8,926,500 shares of the company’s stock worth $195,312,000 after buying an additional 7,579,743 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Magnolia Oil & Gas by 32.5% during the 1st quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock worth $364,245,000 after buying an additional 4,086,152 shares during the last quarter. abrdn plc acquired a new stake in shares of Magnolia Oil & Gas during the 3rd quarter worth $28,249,000. American Century Companies Inc. increased its holdings in shares of Magnolia Oil & Gas by 24.7% during the 3rd quarter. American Century Companies Inc. now owns 6,009,953 shares of the company’s stock worth $137,688,000 after buying an additional 1,188,536 shares during the last quarter. Finally, Ranger Investment Management L.P. acquired a new stake in shares of Magnolia Oil & Gas during the 4th quarter worth $25,226,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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.