Citigroup Raises Magnolia Oil & Gas (NYSE:MGY) Price Target to $22.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective boosted by Citigroup from $18.00 to $22.00 in a report issued on Monday morning, Benzinga reports. Citigroup currently has a sell rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Mizuho boosted their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a neutral rating in a report on Thursday, March 14th. Bank of America initiated coverage on shares of Magnolia Oil & Gas in a report on Tuesday, February 27th. They set a buy rating and a $25.00 target price on the stock. Wells Fargo & Company reduced their price target on shares of Magnolia Oil & Gas from $23.00 to $21.00 and set an equal weight rating on the stock in a research report on Friday, January 19th. Truist Financial boosted their price objective on shares of Magnolia Oil & Gas from $32.00 to $33.00 and gave the company a buy rating in a research report on Friday, February 16th. Finally, The Goldman Sachs Group raised their target price on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the stock a buy rating in a report on Tuesday, March 26th. 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 company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $27.14.

Magnolia Oil & Gas Trading Down 0.6 %

NYSE MGY opened at $25.68 on Monday. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 1.60 and a beta of 2.05. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.88 and a quick ratio of 1.88. Magnolia Oil & Gas has a 12 month low of $18.72 and a 12 month high of $27.33. The company’s fifty day moving average price is $23.96 and its two-hundred day moving average price is $22.33.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The company had revenue of $322.63 million during the quarter, compared to analyst estimates of $324.95 million. Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. As a group, research analysts predict that Magnolia Oil & Gas will post 2.08 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.52 annualized dividend and a dividend yield of 2.03%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.37%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in 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 acquiring an additional 4,086,152 shares during the period. Vanguard Group Inc. raised its stake in shares of Magnolia Oil & Gas by 1.0% during the third quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock valued at $323,220,000 after purchasing an additional 168,670 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Magnolia Oil & Gas by 0.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock worth $368,651,000 after purchasing an additional 55,508 shares during the period. First Trust Advisors LP grew its position in Magnolia Oil & Gas by 20.2% in the 4th quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after buying an additional 1,704,982 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Magnolia Oil & Gas by 4.9% during the 1st quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock valued at $178,054,000 after buying an additional 354,812 shares during the period. 94.73% of the stock is currently 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.