Magnolia Oil & Gas (NYSE:MGY) Given New $33.00 Price Target at Truist Financial

Magnolia Oil & Gas (NYSE:MGY) had its price target upped by Truist Financial from $31.00 to $33.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 29.67% from the stock’s current price.

Several other research analysts also recently issued reports on MGY. Wells Fargo & Company downgraded Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. Mizuho cut their price objective on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a research report on Tuesday, October 15th. Wolfe Research assumed coverage on Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target for the company. Finally, Bank of America increased their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $27.67.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY traded up $0.17 during midday trading on Friday, hitting $25.45. 431,530 shares of the stock were exchanged, compared to its average volume of 2,545,582. The stock has a market cap of $5.07 billion, a P/E ratio of 12.62, a PEG ratio of 1.30 and a beta of 1.99. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63. The company has a 50 day moving average price of $25.32 and a 200-day moving average price of $25.37.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $333.14 million during the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.94% and a net margin of 28.88%. On average, research analysts forecast that Magnolia Oil & Gas will post 1.99 earnings per share for the current year.

Insider Transactions at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.20% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after purchasing an additional 2,956,314 shares during the period. American Century Companies Inc. boosted its position in Magnolia Oil & Gas by 9.9% during the 2nd quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock worth $237,927,000 after purchasing an additional 847,542 shares during the period. Dimensional Fund Advisors LP boosted its position in Magnolia Oil & Gas by 16.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock worth $114,554,000 after purchasing an additional 627,933 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Magnolia Oil & Gas by 1.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company’s stock worth $74,770,000 after purchasing an additional 50,351 shares during the period. Finally, Boston Trust Walden Corp boosted its position in Magnolia Oil & Gas by 4.4% during the 3rd quarter. Boston Trust Walden Corp now owns 2,823,126 shares of the company’s stock worth $68,941,000 after purchasing an additional 119,582 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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.