Magnolia Oil & Gas (NYSE:MGY) Upgraded to “Equal Weight” at Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) was upgraded by research analysts at Wells Fargo & Company from a “strong sell” rating to an “equal weight” rating in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $22.00 target price on the stock, up from their prior target price of $21.00. Wells Fargo & Company‘s price target would suggest a potential downside of 11.28% from the company’s previous close.

MGY has been the subject of a number of other research reports. Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $26.00 to $28.00 in a research report on Friday, January 16th. Zacks Research cut shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Mizuho set a $29.00 target price on shares of Magnolia Oil & Gas in a research report on Friday, December 12th. UBS Group reaffirmed a “buy” rating and issued a $29.00 price target on shares of Magnolia Oil & Gas in a research note on Friday, January 9th. Finally, KeyCorp set a $29.00 price objective on Magnolia Oil & Gas and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $26.58.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $24.80 on Tuesday. The stock’s fifty day simple moving average is $22.61 and its 200-day simple moving average is $23.22. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 3.99 and a beta of 0.92. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a 1-year low of $19.09 and a 1-year high of $26.24.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $324.94 million during the quarter, compared to analysts’ expectations of $322.52 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. Magnolia Oil & Gas’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, sell-side analysts predict that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Magnolia Oil & Gas by 12.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 291,576 shares of the company’s stock worth $6,387,000 after purchasing an additional 33,022 shares during the last quarter. Salomon & Ludwin LLC grew its stake in shares of Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after buying an additional 760 shares during the period. Meritage Portfolio Management boosted its stake in Magnolia Oil & Gas by 50.3% during the 4th quarter. Meritage Portfolio Management now owns 58,956 shares of the company’s stock valued at $1,291,000 after purchasing an additional 19,718 shares during the last quarter. First Horizon Corp raised its stake in shares of Magnolia Oil & Gas by 159.8% in the fourth quarter. First Horizon Corp now owns 1,889 shares of the company’s stock worth $41,000 after purchasing an additional 1,162 shares during the last quarter. Finally, GF Fund Management CO. LTD. boosted its position in shares of Magnolia Oil & Gas by 5.7% during the fourth quarter. GF Fund Management CO. LTD. now owns 53,615 shares of the company’s stock valued at $1,174,000 after buying an additional 2,904 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).