Wells Fargo & Company Cuts Magnolia Oil & Gas (NYSE:MGY) Price Target to $21.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective lowered by Wells Fargo & Company from $22.00 to $21.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reissued a “buy” rating and issued a $29.00 price target (up previously from $26.00) on shares of Magnolia Oil & Gas in a research note on Friday, June 13th. JPMorgan Chase & Co. decreased their price objective on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Bank of America boosted their target price on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, May 23rd. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, May 13th. Finally, Susquehanna lowered their price objective on Magnolia Oil & Gas from $31.00 to $30.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average target price of $27.00.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock opened at $24.08 on Monday. The firm has a market cap of $4.63 billion, a PE ratio of 11.98, a P/E/G ratio of 3.22 and a beta of 1.29. Magnolia Oil & Gas has a twelve month low of $19.09 and a twelve month high of $29.02. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $21.92 and a 200 day moving average price of $23.38.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The company had revenue of $350.30 million for the quarter, compared to analyst estimates of $337.83 million. Magnolia Oil & Gas had a return on equity of 20.73% and a net margin of 28.50%. Magnolia Oil & Gas’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $0.46 earnings per share. Sell-side analysts predict that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.49%. Magnolia Oil & Gas’s payout ratio is 29.85%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mariner LLC increased its holdings in shares of Magnolia Oil & Gas by 1.8% in the fourth quarter. Mariner LLC now owns 43,229 shares of the company’s stock valued at $1,011,000 after purchasing an additional 762 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Magnolia Oil & Gas by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,076,541 shares of the company’s stock valued at $48,550,000 after buying an additional 85,524 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Magnolia Oil & Gas in the 4th quarter worth $1,370,000. Northern Trust Corp raised its holdings in shares of Magnolia Oil & Gas by 7.3% during the 4th quarter. Northern Trust Corp now owns 1,936,398 shares of the company’s stock worth $45,273,000 after acquiring an additional 131,941 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Magnolia Oil & Gas during the 4th quarter worth $590,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.