Truist Financial restated their buy rating on shares of Magnolia Oil & Gas (NYSE:MGY – Free Report) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $34.00 price target on the stock, up from their prior price target of $33.00.
Several other research firms have also recently commented on MGY. Seaport Research Partners began coverage on Magnolia Oil & Gas in a research note on Thursday, September 3rd. They issued a “neutral” rating for the company. Roth Capital cut their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. UBS Group decreased their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Mizuho upgraded Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of “Moderate Buy” and an average price target of $31.81.
Check Out Our Latest Research Report on Magnolia Oil & Gas
Magnolia Oil & Gas Price Performance
Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business had revenue of $478.81 million during the quarter, compared to analyst estimates of $458.10 million. During the same quarter last year, the business posted $0.41 earnings per share. Magnolia Oil & Gas’s revenue for the quarter was up 50.1% compared to the same quarter last year. Sell-side analysts anticipate that Magnolia Oil & Gas will post 2.92 earnings per share for the current fiscal year.
Magnolia Oil & Gas Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 10th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a yield of 2.9%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 31.58%.
Insider Activity at Magnolia Oil & Gas
In other Magnolia Oil & Gas news, Director David Khani bought 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the transaction, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.92% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in MGY. Allworth Financial LP boosted its position in shares of Magnolia Oil & Gas by 11.0% in the second quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock valued at $147,000 after acquiring an additional 571 shares during the period. GAMMA Investing LLC increased its position in Magnolia Oil & Gas by 10.1% during the second quarter. GAMMA Investing LLC now owns 7,572 shares of the company’s stock worth $194,000 after acquiring an additional 697 shares during the period. Parallel Advisors LLC increased its position in Magnolia Oil & Gas by 45.4% during the first quarter. Parallel Advisors LLC now owns 2,572 shares of the company’s stock worth $81,000 after acquiring an additional 803 shares during the period. Cetera Investment Advisers raised its stake in Magnolia Oil & Gas by 5.2% in the 1st quarter. Cetera Investment Advisers now owns 17,549 shares of the company’s stock worth $554,000 after purchasing an additional 867 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its stake in Magnolia Oil & Gas by 7.3% in the 1st quarter. Sanctuary Advisors LLC now owns 12,744 shares of the company’s stock worth $402,000 after purchasing an additional 868 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors.
About Magnolia Oil & Gas
Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.
Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.
The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.
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