JPMorgan Chase & Co. Upgrades Magnolia Oil & Gas (NYSE:MGY) to Overweight

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a $33.00 price objective on the stock, up from their prior price objective of $32.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 23.04% from the stock’s current price.

A number of other equities analysts have also weighed in on MGY. Wall Street Zen upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. KeyCorp reissued an “overweight” rating and issued a $38.00 price objective on shares of Magnolia Oil & Gas in a research note on Wednesday, August 12th. Zacks Research cut shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings raised shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, Citigroup cut their price target on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.71.

Magnolia Oil & Gas Stock Up 0.1%

MGY stock opened at $26.82 on Tuesday. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a market cap of $6.36 billion, a P/E ratio of 11.76 and a beta of 0.70. The business’s 50-day moving average price is $26.03 and its 200-day moving average price is $27.83.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $478.81 million during the quarter, compared to analyst estimates of $458.10 million. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, equities research analysts forecast that Magnolia Oil & Gas will post 2.91 EPS for the current year.

Insider Transactions at Magnolia Oil & Gas

In related news, Director David Khani acquired 8,000 shares of Magnolia Oil & Gas stock in a transaction dated Friday, August 7th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the director directly owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently bought and sold shares of the stock. Planning Project LLC bought a new stake in Magnolia Oil & Gas in the 2nd quarter valued at $1,434,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Magnolia Oil & Gas during the 2nd quarter valued at about $299,000. California State Teachers Retirement System boosted its holdings in shares of Magnolia Oil & Gas by 2,478.7% during the 2nd quarter. California State Teachers Retirement System now owns 5,453,144 shares of the company’s stock valued at $139,491,000 after purchasing an additional 5,241,676 shares during the last quarter. AXQ Capital LP bought a new position in shares of Magnolia Oil & Gas during the 2nd quarter valued at about $584,000. Finally, iSAM Funds UK Ltd purchased a new position in shares of Magnolia Oil & Gas during the second quarter valued at about $238,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

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).