Magnolia Oil & Gas (NYSE:MGY) Rating Increased to Buy at Truist Financial

Magnolia Oil & Gas (NYSE:MGY) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $33.00 price objective on the stock, up from their prior price objective of $32.00. Truist Financial’s target price suggests a potential upside of 37.41% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Mizuho lowered their price objective on shares of Magnolia Oil & Gas from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 22nd. Susquehanna increased their price target on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. UBS Group cut their price objective on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Roth Capital dropped their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Citigroup reduced their price objective on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Moderate Buy” and an average target price of $31.50.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $24.02 on Tuesday. The business has a 50 day moving average price of $26.91 and a 200 day moving average price of $27.48. The company has a market capitalization of $4.44 billion, a P/E ratio of 13.96 and a beta of 0.70. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last posted its 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 the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.Magnolia Oil & Gas’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. Sell-side analysts expect that Magnolia Oil & Gas will post 2.7 EPS for the current fiscal year.

Institutional Trading of Magnolia Oil & Gas

Several large investors have recently added to or reduced their stakes in MGY. AQR Capital Management LLC lifted its stake in shares of Magnolia Oil & Gas by 77.7% during the first quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock worth $1,423,000 after purchasing an additional 24,631 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Magnolia Oil & Gas by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock valued at $2,605,000 after buying an additional 4,512 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Magnolia Oil & Gas by 8.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock worth $6,135,000 after acquiring an additional 18,447 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Magnolia Oil & Gas by 11.3% in the 1st quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock worth $1,738,000 after acquiring an additional 7,008 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after acquiring an additional 864 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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).