Magnolia Oil & Gas (NYSE:MGY) Upgraded by Wells Fargo & Company to Equal Weight Rating

Magnolia Oil & Gas (NYSE:MGY) was upgraded by analysts at Wells Fargo & Company from a “strong sell” rating to an “equal weight” rating in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage currently has a $22.00 price target on the stock, up from their prior price target of $21.00. Wells Fargo & Company‘s target price would indicate a potential downside of 11.28% from the company’s previous close.

Several other equities research analysts also recently weighed in on MGY. Weiss Ratings restated a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Mizuho set a $29.00 price objective on Magnolia Oil & Gas in a report on Friday, December 12th. Susquehanna reduced their price target on shares of Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a research report on Monday. UBS Group reissued a “buy” rating and set a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Friday, January 9th. Finally, Zacks Research lowered shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.58.

Magnolia Oil & Gas Stock Up 0.4%

MGY opened at $24.80 on Tuesday. Magnolia Oil & Gas has a fifty-two week low of $19.09 and a fifty-two week high of $26.24. 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 stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 3.99 and a beta of 0.92. The company has a fifty day moving average of $22.61 and a two-hundred day moving average of $23.22.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. The company had revenue of $324.94 million during the quarter, compared to analyst estimates of $322.52 million. During the same quarter in the previous year, the firm earned $0.52 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, research analysts expect that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Magnolia Oil & Gas by 236.2% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after purchasing an additional 836 shares during the period. Salomon & Ludwin LLC lifted its stake in Magnolia Oil & Gas by 130.1% during the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after purchasing an additional 760 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Magnolia Oil & Gas in the second quarter worth $30,000. Mather Group LLC. acquired a new stake in shares of Magnolia Oil & Gas during the third quarter worth $31,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after purchasing an additional 864 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).