Magnolia Oil & Gas (NYSE:MGY) Price Target Lowered to $31.00 at Truist Financial

Magnolia Oil & Gas (NYSE:MGY) had its price objective cut by equities researchers at Truist Financial from $35.00 to $31.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 24.72% from the company’s previous close.

A number of other equities analysts have also commented on MGY. Bank of America raised their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Finally, Wells Fargo & Company lowered their price objective on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average price target of $27.27.

Magnolia Oil & Gas Trading Up 1.8 %

NYSE:MGY opened at $24.86 on Monday. The stock has a market capitalization of $5.04 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The firm’s 50 day moving average is $24.90 and its 200 day moving average is $25.32. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The firm had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. Sell-side analysts expect that Magnolia Oil & Gas will post 2.04 earnings per share for the current year.

Insider Activity

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of large investors have recently made changes to their positions in MGY. Massmutual Trust Co. FSB ADV lifted its stake in Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after acquiring an additional 982 shares during the period. Opal Wealth Advisors LLC purchased a new position in shares of Magnolia Oil & Gas during the second quarter valued at about $26,000. Mather Group LLC. bought a new position in Magnolia Oil & Gas in the first quarter worth about $27,000. GAMMA Investing LLC lifted its holdings in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after buying an additional 1,042 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at approximately $50,000. 94.73% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.