Magnolia Oil & Gas (NYSE:MGY) Upgraded by Wells Fargo & Company to Hold Rating

Wells Fargo & Company upgraded shares of Magnolia Oil & Gas (NYSE:MGY) to a hold rating in a research note released on Wednesday morning,Zacks reports.

Other research analysts have also recently issued research reports about the stock. UBS Group decreased their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Wall Street Zen upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Truist Financial upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating and upped their target price for the stock from $32.00 to $33.00 in a research note on Tuesday, July 28th. Roth Capital lowered their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Finally, Susquehanna lifted their price target on Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.62.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $27.42 on Wednesday. The company has a 50 day moving average of $26.01 and a 200 day moving average of $27.82. The stock has a market cap of $6.50 billion, a P/E ratio of 12.03 and a beta of 0.70. Magnolia Oil & Gas has a 12 month low of $21.07 and a 12 month high of $32.76. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter in the prior year, the firm posted $0.41 EPS. Magnolia Oil & Gas’s revenue was up 50.1% on a year-over-year basis. As a group, sell-side analysts forecast that Magnolia Oil & Gas will post 2.87 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were given a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date was Monday, August 10th. This represents a $0.72 annualized dividend and a dividend yield of 2.6%. Magnolia Oil & Gas’s dividend payout ratio is currently 31.58%.

Insider Activity at Magnolia Oil & Gas

In other news, Director David M. Khani acquired 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its position in Magnolia Oil & Gas by 77.7% in the 1st quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock worth $1,423,000 after purchasing an additional 24,631 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Magnolia Oil & Gas by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock valued at $2,605,000 after purchasing an additional 4,512 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Magnolia Oil & Gas by 8.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock valued at $6,135,000 after purchasing an additional 18,447 shares during the period. Intech Investment Management LLC boosted its stake in shares of Magnolia Oil & Gas by 11.3% during the first quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock valued at $1,738,000 after purchasing an additional 7,008 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

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).