Magnolia Oil & Gas’ (MGY) Buy Rating Reaffirmed at Truist Financial

Magnolia Oil & Gas (NYSE:MGY)‘s stock had its “buy” rating reissued by equities researchers at Truist Financial in a research note issued to investors on Friday, Benzinga reports. They presently have a $37.00 price target on the stock, up from their previous price target of $35.00. Truist Financial‘s price objective suggests a potential upside of 55.16% from the stock’s previous close.

A number of other equities analysts also recently issued reports on MGY. JPMorgan Chase & Co. raised Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $33.00 in a research report on Tuesday, September 8th. Johnson Rice raised Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their price objective for the stock from $33.00 to $32.00 in a research report on Monday, August 17th. Susquehanna boosted their target price on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Zacks Research lowered Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 13th. Finally, Weiss Ratings upgraded Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and a consensus price target of $31.59.

Magnolia Oil & Gas Stock Up 1.4%

Shares of Magnolia Oil & Gas stock traded up $0.33 on Friday, reaching $23.85. The stock had a trading volume of 1,473,887 shares, compared to its average volume of 3,502,512. The company has a 50 day moving average price of $25.50 and a 200 day moving average price of $27.04. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. Magnolia Oil & Gas has a 1 year low of $21.07 and a 1 year high of $32.76. The stock has a market capitalization of $5.65 billion, a P/E ratio of 10.70 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, November 4th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13. The company had revenue of $513.89 million during the quarter, compared to analysts’ expectations of $474.39 million. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 25.19%. Magnolia Oil & Gas’s revenue for the quarter was up 58.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. As a group, equities research analysts forecast that Magnolia Oil & Gas will post 2.83 EPS for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its position in shares of Magnolia Oil & Gas by 12.4% in the 3rd quarter. Allworth Financial LP now owns 6,472 shares of the company’s stock valued at $166,000 after acquiring an additional 712 shares during the period. Russell Investments Group Ltd. raised its stake in Magnolia Oil & Gas by 323.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 991,341 shares of the company’s stock worth $23,287,000 after acquiring an additional 757,202 shares during the last quarter. Fifth Third Bancorp raised its stake in Magnolia Oil & Gas by 17.8% in the 3rd quarter. Fifth Third Bancorp now owns 195,001 shares of the company’s stock worth $4,581,000 after acquiring an additional 29,534 shares during the last quarter. Maryland State Retirement & Pension System lifted its position in Magnolia Oil & Gas by 96.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 52,972 shares of the company’s stock worth $1,244,000 after acquiring an additional 25,948 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its position in Magnolia Oil & Gas by 22.4% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 113,214 shares of the company’s stock worth $2,659,000 after acquiring an additional 20,707 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 Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.