Siebert Williams Shank upgraded shares of Magnolia Oil & Gas (NYSE:MGY – Free Report) from a hold rating to a buy rating in a report issued on Wednesday, Marketbeat Ratings reports. The firm currently has $32.00 price target on the stock, up from their previous price target of $30.00.
MGY has been the topic of a number of other reports. Truist Financial reissued a “buy” rating and issued a $34.00 price objective (up from $33.00) on shares of Magnolia Oil & Gas in a research report on Monday, September 21st. Roth Capital decreased their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Susquehanna boosted their target price on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Seaport Research Partners began coverage on shares of Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a “neutral” rating for the company. Finally, JPMorgan Chase & Co. raised Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and increased their target price for the company from $32.00 to $33.00 in a report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.81.
Check Out Our Latest Stock Report on MGY
Magnolia Oil & Gas Stock Performance
Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping 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 firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same period in the prior year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, equities research analysts forecast that Magnolia Oil & Gas will post 2.92 EPS for the current fiscal year.
Magnolia Oil & Gas Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 10th were issued a dividend of $0.18 per share. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is 31.58%.
Insider Buying and Selling at Magnolia Oil & Gas
In related news, Director David Khani purchased 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares in the company, valued at $765,550. This trade represents a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.92% of the company’s stock.
Hedge Funds Weigh In On Magnolia Oil & Gas
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC increased its stake in shares of Magnolia Oil & Gas by 34.3% during the 2nd quarter. Tidal Investments LLC now owns 93,383 shares of the company’s stock worth $2,389,000 after purchasing an additional 23,833 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth approximately $72,000. IFP Advisors Inc lifted its stake in Magnolia Oil & Gas by 12.2% in the 2nd quarter. IFP Advisors Inc now owns 9,180 shares of the company’s stock valued at $235,000 after buying an additional 999 shares in the last quarter. Allworth Financial LP lifted its stake in Magnolia Oil & Gas by 11.0% in the 2nd quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock valued at $147,000 after buying an additional 571 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in Magnolia Oil & Gas by 3.3% during the 2nd quarter. Arizona State Retirement System now owns 49,947 shares of the company’s stock valued at $1,278,000 after buying an additional 1,579 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.
Magnolia Oil & Gas Company Profile
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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