Piper Sandler Increases Magnolia Oil & Gas (NYSE:MGY) Price Target to $31.00

Magnolia Oil & Gas (NYSE:MGY) had its target price hoisted by stock analysts at Piper Sandler from $28.00 to $31.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 5.15% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a research report on Friday, February 6th. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Wednesday, January 21st. Bank of America upgraded shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and increased their target price for the stock from $26.00 to $28.00 in a report on Friday, January 16th. KeyCorp raised their target price on shares of Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, February 9th. Finally, Citigroup boosted their price target on shares of Magnolia Oil & Gas from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas has an average rating of “Moderate Buy” and an average target price of $28.90.

Magnolia Oil & Gas Stock Up 1.9%

Shares of NYSE MGY opened at $29.48 on Thursday. Magnolia Oil & Gas has a 52-week low of $19.09 and a 52-week high of $29.74. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 17.14 and a beta of 0.89. The stock has a 50 day moving average price of $25.74 and a 200 day moving average price of $24.06. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. The company had revenue of $317.63 million for the quarter, compared to the consensus estimate of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.Magnolia Oil & Gas’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. Sell-side analysts expect that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Edward P. Djerejian sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $28.98, for a total value of $521,640.00. Following the sale, the director directly owned 110,425 shares in the company, valued at approximately $3,200,116.50. This trade represents a 14.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dan F. Smith sold 18,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.01, for a total transaction of $522,180.00. Following the completion of the transaction, the director directly owned 119,204 shares in the company, valued at approximately $3,458,108.04. The trade was a 13.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 338,954 shares of company stock valued at $9,911,733 over the last three months. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of MGY. American Century Companies Inc. increased its holdings in shares of Magnolia Oil & Gas by 12.9% during the second quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock valued at $266,641,000 after acquiring an additional 1,358,878 shares in the last quarter. TimesSquare Capital Management LLC boosted its stake in Magnolia Oil & Gas by 1.9% in the 2nd quarter. TimesSquare Capital Management LLC now owns 691,959 shares of the company’s stock worth $15,555,000 after purchasing an additional 12,638 shares in the last quarter. Intech Investment Management LLC boosted its stake in Magnolia Oil & Gas by 16.3% in the 2nd quarter. Intech Investment Management LLC now owns 80,021 shares of the company’s stock worth $1,799,000 after purchasing an additional 11,207 shares in the last quarter. Bessemer Group Inc. grew its position in Magnolia Oil & Gas by 4.4% during the 3rd quarter. Bessemer Group Inc. now owns 912,526 shares of the company’s stock worth $21,781,000 after purchasing an additional 38,502 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Magnolia Oil & Gas by 16,251.3% during the 3rd quarter. Pacer Advisors Inc. now owns 626,745 shares of the company’s stock worth $14,960,000 after purchasing an additional 622,912 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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).