Magnolia Oil & Gas (NYSE:MGY) Upgraded at Gerdes Energy Research

Gerdes Energy Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning,FinViz reports. Gerdes Energy Research currently has $29.00 target price on the stock.

Other equities research analysts have also issued reports about the stock. KeyCorp reissued an “overweight” rating and set a $38.00 target price on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, November 4th. UBS Group set a $35.00 price target on shares of Magnolia Oil & Gas in a research note on Thursday, October 15th. Siebert Williams Shank upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $32.00 in a report on Wednesday, September 23rd. Finally, Wall Street Zen cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Sunday, November 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.39.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $24.17 on Tuesday. The stock has a market cap of $5.73 billion, a P/E ratio of 9.11 and a beta of 0.72. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average is $25.14 and its 200-day moving average is $27.03. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-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 the consensus estimate of $0.58 by $0.13. Magnolia Oil & Gas had a return on equity of 19.90% and a net margin of 25.82%. The company had revenue of $513.89 million during the quarter, compared to the consensus estimate of $474.39 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The firm’s revenue was up 58.2% compared to the same quarter last year. Equities research analysts anticipate that Magnolia Oil & Gas will post 2.99 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.72 annualized dividend and a dividend yield of 3.0%. Magnolia Oil & Gas’s dividend payout ratio is presently 32.29%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Kayne Anderson Capital Advisors LP acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at approximately $756,448,000. Dimensional Fund Advisors LP raised its holdings in Magnolia Oil & Gas by 5.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company’s stock worth $221,910,000 after purchasing an additional 394,419 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Magnolia Oil & Gas by 2.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after purchasing an additional 170,174 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Magnolia Oil & Gas by 790.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after purchasing an additional 5,560,619 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Magnolia Oil & Gas by 20.5% in the 1st quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock worth $122,408,000 after purchasing an additional 659,012 shares during the period. 94.73% of the stock is 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.