Magnolia Oil & Gas (NYSE:MGY) Shares Gap Up Following Analyst Upgrade

Posted by Defense World Staff on Sep 7th, 2023

Magnolia Oil & Gas Co. (NYSE:MGY – Get Free Report)’s stock price gapped up prior to trading on Wednesday after Truist Financial raised their price target on the stock from $27.00 to $29.00. The stock had previously closed at $23.32, but opened at $23.81. Truist Financial currently has a buy rating on the stock. Magnolia Oil & Gas shares last traded at $24.01, with a volume of 148,493 shares.

Other research analysts have also recently issued research reports about the stock. Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $33.00 to $29.00 in a report on Tuesday, June 13th. SpectralCast restated a “maintains” rating on shares of Magnolia Oil & Gas in a research report on Monday, May 22nd. Mizuho upped their price target on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Citigroup dropped their target price on shares of Magnolia Oil & Gas from $25.00 to $22.00 in a report on Sunday, May 21st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Read Our Latest Report on Magnolia Oil & Gas

Institutional Trading of Magnolia Oil & Gas

A number of large investors have recently made changes to their positions in MGY. First Trust Advisors LP boosted its position in Magnolia Oil & Gas by 562.8% in the 1st quarter. First Trust Advisors LP now owns 8,926,500 shares of the company’s stock valued at $195,312,000 after buying an additional 7,579,743 shares during the period. BlackRock Inc. increased its stake in Magnolia Oil & Gas by 32.5% during the 1st quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock valued at $364,245,000 after purchasing an additional 4,086,152 shares in the last quarter. American Century Companies Inc. increased its stake in Magnolia Oil & Gas by 340.1% during the 1st quarter. American Century Companies Inc. now owns 3,142,982 shares of the company’s stock valued at $68,764,000 after purchasing an additional 2,428,794 shares in the last quarter. Aventail Capital Group LP increased its stake in Magnolia Oil & Gas by 5,184.9% during the 4th quarter. Aventail Capital Group LP now owns 1,880,615 shares of the company’s stock valued at $44,100,000 after purchasing an additional 1,845,030 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Magnolia Oil & Gas by 23.3% in the 2nd quarter. Victory Capital Management Inc. now owns 6,068,157 shares of the company’s stock valued at $126,824,000 after acquiring an additional 1,145,496 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Price Performance

The firm’s fifty day moving average price is $22.05 and its 200 day moving average price is $21.29. The firm has a market capitalization of $4.98 billion, a PE ratio of 6.84 and a beta of 2.11. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 0.22.

Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last issued its earnings results on Tuesday, August 1st. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Magnolia Oil & Gas had a net margin of 46.81% and a return on equity of 35.63%. The business had revenue of $280.29 million during the quarter, compared to analysts’ expectations of $291.74 million. As a group, equities analysts forecast that Magnolia Oil & Gas Co. will post 2.09 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Thursday, August 10th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 1.94%. The ex-dividend date was Wednesday, August 9th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 13.26%.

About Magnolia Oil & Gas

(Get Free Report)

Magnolia Oil & Gas Corporation 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.