Magnolia Oil & Gas (NYSE:MGY) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a hold rating to a buy rating in a report released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $14.00 target price on the stock.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

Several other analysts also recently commented on MGY. TheStreet upgraded shares of Magnolia Oil & Gas from a d rating to a b- rating in a research report on Wednesday, October 30th. ValuEngine upgraded shares of Magnolia Oil & Gas from a sell rating to a hold rating in a research report on Friday, January 3rd. Johnson Rice downgraded shares of Magnolia Oil & Gas from a buy rating to an accumulate rating in a research report on Tuesday, November 19th. Piper Jaffray Companies decreased their price objective on shares of Magnolia Oil & Gas from $14.00 to $13.00 and set an overweight rating on the stock in a research report on Monday, September 30th. Finally, KeyCorp initiated coverage on shares of Magnolia Oil & Gas in a research report on Wednesday, November 27th. They set an overweight rating and a $14.00 price objective on the stock. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Magnolia Oil & Gas presently has an average rating of Buy and a consensus target price of $15.18.

Shares of MGY stock opened at $12.36 on Friday. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 26.87 and a beta of 1.34. Magnolia Oil & Gas has a one year low of $9.27 and a one year high of $14.13. The company’s fifty day moving average price is $12.28 and its 200-day moving average price is $11.12. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.04). The firm had revenue of $244.80 million for the quarter, compared to the consensus estimate of $247.17 million. Magnolia Oil & Gas had a net margin of 7.80% and a return on equity of 2.81%. Equities research analysts expect that Magnolia Oil & Gas will post 0.35 earnings per share for the current fiscal year.

In related news, Director Michael G. Macdougall sold 37,779 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $12.48, for a total transaction of $471,481.92. Following the completion of the transaction, the director now directly owns 21,961 shares of the company’s stock, valued at $274,073.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael G. Macdougall sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $11.42, for a total transaction of $571,000.00. Following the transaction, the director now directly owns 21,961 shares of the company’s stock, valued at $250,794.62. The disclosure for this sale can be found here. Insiders have sold 650,000 shares of company stock valued at $7,512,199 over the last ninety days. 7.90% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MGY. Bank of Montreal Can acquired a new stake in shares of Magnolia Oil & Gas during the second quarter worth about $98,000. First Mercantile Trust Co. raised its holdings in Magnolia Oil & Gas by 28.2% in the third quarter. First Mercantile Trust Co. now owns 10,740 shares of the company’s stock valued at $119,000 after acquiring an additional 2,360 shares in the last quarter. Canandaigua National Bank & Trust Co. acquired a new stake in Magnolia Oil & Gas in the fourth quarter valued at approximately $140,000. Bingham Osborn & Scarborough LLC acquired a new stake in Magnolia Oil & Gas in the third quarter valued at approximately $126,000. Finally, Icon Wealth Partners LLC raised its holdings in Magnolia Oil & Gas by 9.1% in the third quarter. Icon Wealth Partners LLC now owns 12,000 shares of the company’s stock valued at $133,000 after acquiring an additional 1,000 shares in the last quarter. 68.63% of the stock is owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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