Magnolia Oil & Gas (NYSE:MGY) PT Raised to $27.00 at Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) had its target price raised by research analysts at Wells Fargo & Company from $23.00 to $27.00 in a report released on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.41% from the company’s current price.

MGY has been the topic of several other reports. Citigroup upped their target price on Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a research report on Monday, April 15th. Mizuho raised their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, March 14th. Bank of America started coverage on Magnolia Oil & Gas in a research report on Tuesday, February 27th. They issued a “buy” rating and a $25.00 target price on the stock. Truist Financial raised their price target on shares of Magnolia Oil & Gas from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, Piper Sandler decreased their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.14.

Magnolia Oil & Gas Price Performance

Shares of MGY stock opened at $25.62 on Thursday. Magnolia Oil & Gas has a fifty-two week low of $18.72 and a fifty-two week high of $27.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.58 and a beta of 2.05. The stock’s 50-day simple moving average is $24.07 and its 200-day simple moving average is $22.36.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). The company had revenue of $322.63 million for the quarter, compared to analysts’ expectations of $324.95 million. Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%. As a group, equities analysts forecast that Magnolia Oil & Gas will post 2.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in Magnolia Oil & Gas by 32.5% during the first quarter. BlackRock Inc. now owns 16,647,384 shares of the company’s stock valued at $364,245,000 after buying an additional 4,086,152 shares during the period. Vanguard Group Inc. grew its position in shares of Magnolia Oil & Gas by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 16,316,045 shares of the company’s stock valued at $323,220,000 after acquiring an additional 168,670 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in shares of Magnolia Oil & Gas by 0.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock valued at $368,651,000 after purchasing an additional 55,508 shares in the last quarter. First Trust Advisors LP raised its holdings in Magnolia Oil & Gas by 20.2% in the 4th quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after purchasing an additional 1,704,982 shares during the period. Finally, Wellington Management Group LLP boosted its position in Magnolia Oil & Gas by 4.9% during the first quarter. Wellington Management Group LLP now owns 7,528,720 shares of the company’s stock worth $178,054,000 after purchasing an additional 354,812 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

About Magnolia Oil & Gas

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.