Magnolia Oil & Gas (NYSE:MGY) Upgraded at Johnson Rice

Johnson Rice upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a hold rating to an accumulate rating in a research report sent to investors on Monday morning, Marketbeat reports. They currently have $32.00 target price on the stock, down from their prior target price of $33.00.

A number of other research analysts have also weighed in on MGY. Truist Financial raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and lifted their price target for the company from $32.00 to $33.00 in a research note on Tuesday, July 28th. Zacks Research downgraded shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Susquehanna raised their price objective on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. UBS Group reduced their target price on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Finally, Wells Fargo & Company increased their target price on Magnolia Oil & Gas from $31.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.62.

Magnolia Oil & Gas Trading Up 2.2%

NYSE MGY opened at $27.48 on Monday. The firm has a market cap of $6.51 billion, a P/E ratio of 12.05 and a beta of 0.72. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The stock’s 50-day moving average is $25.97 and its 200-day moving average is $27.75. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The business had revenue of $478.81 million for the quarter, compared to analysts’ expectations of $458.10 million. During the same quarter in the previous year, the business posted $0.41 EPS. Magnolia Oil & Gas’s revenue for the quarter was up 50.1% on a year-over-year basis. Sell-side analysts anticipate that Magnolia Oil & Gas will post 2.8 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is 31.58%.

Insider Activity at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David M. Khani acquired 8,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were acquired at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the transaction, the director directly owned 30,622 shares in the company, valued at $765,550. This trade represents a 35.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new stake in Magnolia Oil & Gas during the 2nd quarter worth about $3,077,000. Ancora Advisors LLC bought a new position in shares of Magnolia Oil & Gas in the 2nd quarter valued at about $51,000. Globeflex Capital L P bought a new position in shares of Magnolia Oil & Gas in the 2nd quarter valued at about $121,000. Great Lakes Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas in the second quarter valued at about $4,676,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Magnolia Oil & Gas in the second quarter valued at about $11,989,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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).