Magnolia Oil & Gas (NYSE:MGY – Free Report) had its price objective decreased by Citigroup from $29.00 to $27.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.
Several other research analysts have also recently commented on the company. Susquehanna boosted their price target on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday. Weiss Ratings lowered Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Wells Fargo & Company dropped their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 13th. KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and a consensus target price of $31.58.
Get Our Latest Research Report on Magnolia Oil & Gas
Magnolia Oil & Gas Trading Down 1.8%
Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.06. The firm had revenue of $478.81 million for the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. Equities research analysts predict that Magnolia Oil & Gas will post 2.79 EPS for the current fiscal year.
Magnolia Oil & Gas Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th will be given a $0.18 dividend. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is 31.58%.
Insider Transactions at Magnolia Oil & Gas
In related news, Director David M. Khani bought 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the director owned 30,622 shares of the company’s stock, valued at $765,550. This represents a 35.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.92% of the company’s stock.
Hedge Funds Weigh In On Magnolia Oil & Gas
Several institutional investors have recently modified their holdings of the company. Lido Advisors LLC lifted its position in Magnolia Oil & Gas by 2.4% in the 4th quarter. Lido Advisors LLC now owns 16,197 shares of the company’s stock valued at $382,000 after purchasing an additional 387 shares during the last quarter. Oak Family Advisors LLC boosted its stake in Magnolia Oil & Gas by 0.9% during the 4th quarter. Oak Family Advisors LLC now owns 47,620 shares of the company’s stock valued at $1,042,000 after purchasing an additional 410 shares during the period. Smartleaf Asset Management LLC grew its position in Magnolia Oil & Gas by 10.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,624 shares of the company’s stock worth $102,000 after purchasing an additional 422 shares during the last quarter. Coldstream Capital Management Inc. grew its position in Magnolia Oil & Gas by 3.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock worth $380,000 after purchasing an additional 482 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in shares of Magnolia Oil & Gas by 1.6% in the fourth quarter. Stifel Financial Corp now owns 36,980 shares of the company’s stock valued at $809,000 after purchasing an additional 585 shares during the period. Institutional investors own 94.73% of the company’s stock.
Magnolia Oil & Gas Company Profile
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).
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