Magnolia Oil & Gas (NYSE:MGY) Upgraded at Siebert Williams Shank

Magnolia Oil & Gas (NYSE:MGY) was upgraded by analysts at Siebert Williams Shank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm presently has a $32.00 price objective on the stock, up from their previous price objective of $30.00. Siebert Williams Shank’s target price indicates a potential upside of 33.13% from the company’s current price.

Other research analysts have also issued reports about the stock. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Citigroup decreased their price objective on shares of 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. Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Seaport Research Partners started coverage on Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.81.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $24.04 on Wednesday. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 10.54 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 business has a 50 day simple moving average of $26.21 and a 200-day simple moving average of $27.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. The firm had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. Equities analysts forecast that Magnolia Oil & Gas will post 2.92 EPS for the current year.

Insider Activity at Magnolia Oil & Gas

In related news, Director David Khani purchased 8,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 5.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company’s stock worth $221,910,000 after buying an additional 394,419 shares during the period. Janus Henderson Group PLC grew its position in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after buying an additional 170,174 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock valued at $197,748,000 after buying an additional 5,560,619 shares during the period. TD Asset Management Inc raised its holdings in shares of Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after acquiring an additional 1,193,458 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Magnolia Oil & Gas by 20.5% in the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock valued at $122,408,000 after acquiring an additional 659,012 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.