Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $37.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective boosted by Susquehanna from $36.00 to $37.00 in a research note issued to investors on Tuesday morning, Marketbeat.com reports. They currently have a positive rating on the stock.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Truist Financial upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and increased their price target for the stock from $32.00 to $33.00 in a research note on Tuesday, July 28th. Roth Capital lowered their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings lowered shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and a consensus target price of $31.58.

Magnolia Oil & Gas Stock Down 1.8%

Shares of NYSE MGY opened at $25.89 on Tuesday. The business has a 50-day moving average price of $26.04 and a 200 day moving average price of $27.70. The stock has a market cap of $4.79 billion, a PE ratio of 11.36 and a beta of 0.72. 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 52-week low of $21.07 and a 52-week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts forecast that Magnolia Oil & Gas will post 2.79 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 31.58%.

Insider Activity

In other news, Director David M. Khani purchased 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at approximately $29,000. Salomon & Ludwin LLC grew its holdings in Magnolia Oil & Gas by 130.1% during the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after acquiring an additional 760 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after acquiring an additional 864 shares during the period. Harbor Investment Advisory LLC acquired a new position in Magnolia Oil & Gas during the second quarter worth $39,000. Finally, Torren Management LLC purchased a new position in Magnolia Oil & Gas in the fourth quarter worth $38,000. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

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).