Brokerages Set Magnolia Oil & Gas Corp (NYSE:MGY) Price Target at $31.42

Magnolia Oil & Gas Corp (NYSE:MGY) has been given a consensus recommendation of “Hold” by the seventeen ratings firms that are currently covering the company, MarketBeat reports. Nine investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $31.3333.

Several research analysts have commented on the company. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Friday, March 6th. Zacks Research cut Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings downgraded Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Wells Fargo & Company reduced their target price on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 13th. Finally, Mizuho increased their target price on shares of Magnolia Oil & Gas from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Magnolia Oil & Gas by 34.8% in the third quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company’s stock valued at $20,504,000 after acquiring an additional 221,920 shares during the period. Foster Victor Wealth Advisors LLC raised its position in shares of Magnolia Oil & Gas by 9.2% during the fourth quarter. Foster Victor Wealth Advisors LLC now owns 417,192 shares of the company’s stock worth $9,429,000 after purchasing an additional 35,223 shares during the period. Bessemer Group Inc. raised its position in shares of Magnolia Oil & Gas by 22.4% during the fourth quarter. Bessemer Group Inc. now owns 1,116,993 shares of the company’s stock worth $24,452,000 after purchasing an additional 204,467 shares during the period. TD Asset Management Inc lifted its holdings in shares of Magnolia Oil & Gas by 55.7% in the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after purchasing an additional 1,601,809 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,369,713 shares of the company’s stock worth $152,051,000 after purchasing an additional 283,444 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Trading Up 2.7%

Shares of NYSE MGY opened at $27.13 on Thursday. The firm has a 50 day moving average price of $28.46 and a two-hundred day moving average price of $26.83. The stock has a market cap of $5.02 billion, a P/E ratio of 15.77 and a beta of 0.71. Magnolia Oil & Gas has a 52-week low of $21.07 and a 52-week high of $32.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $358.51 million for the quarter, compared to analyst estimates of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. Magnolia Oil & Gas’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. As a group, equities analysts forecast that Magnolia Oil & Gas will post 2.82 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, May 12th. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

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).