Magnolia Oil & Gas (NYSE:MGY) Stock Price Target Lowered at Citigroup

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by research analysts at Citigroup from $27.00 to $26.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup‘s price objective indicates a potential upside of 13.12% from the company’s current price.

A number of other research firms have also weighed in on MGY. Roth Capital decreased their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Wall Street Zen downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Sunday. Wells Fargo & Company reduced their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Friday. KeyCorp reaffirmed an “overweight” rating and set a $38.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Finally, UBS Group set a $35.00 price objective on shares of Magnolia Oil & Gas in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.39.

Magnolia Oil & Gas Stock Performance

NYSE:MGY traded up $0.32 on Tuesday, hitting $22.98. The company’s stock had a trading volume of 2,106,398 shares, compared to its average volume of 3,519,469. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $25.36 and a two-hundred day moving average of $27.04. The firm has a market capitalization of $5.45 billion, a P/E ratio of 10.30 and a beta of 0.72. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13. Magnolia Oil & Gas had a return on equity of 25.19% and a net margin of 25.82%. The company had revenue of $513.89 million during the quarter, compared to analysts’ expectations of $474.39 million. During the same period last year, the firm posted $0.42 earnings per share. The business’s revenue was up 58.2% on a year-over-year basis. Research analysts predict that Magnolia Oil & Gas will post 2.85 earnings per share for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds have recently bought and sold shares of the stock. Richardson Financial Services Inc. increased its position in shares of Magnolia Oil & Gas by 76.4% in the third quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company’s stock worth $32,000 after purchasing an additional 595 shares during the period. Harbor Investment Advisory LLC acquired a new position in Magnolia Oil & Gas in the second quarter valued at about $39,000. Ancora Advisors LLC acquired a new position in Magnolia Oil & Gas in the second quarter valued at about $51,000. Global Retirement Partners LLC raised its stake in Magnolia Oil & Gas by 34.7% in the third quarter. Global Retirement Partners LLC now owns 2,196 shares of the company’s stock valued at $52,000 after purchasing an additional 566 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its position in Magnolia Oil & Gas by 55.6% during the third quarter. Salomon & Ludwin LLC now owns 2,444 shares of the company’s stock worth $57,000 after purchasing an additional 873 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation is an independent exploration and production company focused on developing oil and natural gas resources in South Texas. Its operations target the Eagle Ford Shale and Austin Chalk formations. The company’s assets are concentrated in the Karnes and Giddings areas. Its production includes crude oil, natural gas and natural gas liquids. Magnolia was established in 2018 through a business combination with TPG Pace Holdings. It is headquartered in Houston, Texas.