Magnolia Oil & Gas (NYSE:MGY) Price Target Lowered to $23.00 at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY) had its price target lowered by JPMorgan Chase & Co. from $26.00 to $23.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts have also issued reports on MGY. Benchmark reissued a hold rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Bank of America increased their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Wolfe Research assumed coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They set an outperform rating and a $32.00 target price on the stock. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a buy rating in a report on Friday, August 2nd. Finally, Susquehanna decreased their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a positive rating for the company in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $28.09.

Magnolia Oil & Gas Price Performance

NYSE MGY opened at $23.55 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28. Magnolia Oil & Gas has a 52-week low of $19.16 and a 52-week high of $27.63. The business has a 50 day simple moving average of $25.30 and a 200 day simple moving average of $25.16. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.11 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Analysts anticipate that Magnolia Oil & Gas will post 2.13 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Magnolia Oil & Gas by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after acquiring an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. lifted its position in Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after purchasing an additional 1,816,158 shares during the period. First Trust Advisors LP lifted its position in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after purchasing an additional 1,704,982 shares during the period. Ranger Investment Management L.P. acquired a new stake in Magnolia Oil & Gas during the fourth quarter worth about $25,226,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Magnolia Oil & Gas in the 1st quarter valued at about $30,161,000. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Company Profile

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.