Magnolia Oil & Gas (NYSE:MGY) Given Buy Rating at Truist Financial

Magnolia Oil & Gas (NYSE:MGY)‘s stock had its “buy” rating reiterated by equities research analysts at Truist Financial in a research report issued on Monday, Benzinga reports. They currently have a $34.00 price objective on the stock, up from their prior price objective of $33.00. Truist Financial’s target price points to a potential upside of 35.35% from the company’s current price.

A number of other equities analysts also recently commented on MGY. Mizuho upgraded shares of Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Seaport Research Partners started coverage on shares of Magnolia Oil & Gas in a report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Susquehanna boosted their price target on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Zacks Research raised shares of Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Finally, UBS Group reduced their price objective on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.79.

Magnolia Oil & Gas Trading Down 0.2%

NYSE:MGY opened at $25.12 on Monday. The firm has a market cap of $5.95 billion, a P/E ratio of 11.02 and a beta of 0.70. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock’s 50 day simple moving average is $26.31 and its 200-day simple moving average is $27.81. Magnolia Oil & Gas has a 12-month low of $21.07 and a 12-month high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $458.10 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities analysts anticipate that Magnolia Oil & Gas will post 2.94 EPS for the current year.

Insider Activity

In related news, Director David Khani acquired 8,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the director directly owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in shares of Magnolia Oil & Gas by 5.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company’s stock valued at $221,910,000 after acquiring an additional 394,419 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Magnolia Oil & Gas by 2.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after acquiring an additional 170,174 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Magnolia Oil & Gas by 790.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock worth $197,748,000 after acquiring an additional 5,560,619 shares during the period. TD Asset Management Inc increased its stake in Magnolia Oil & Gas by 26.6% in the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company’s stock valued at $124,156,000 after purchasing an additional 1,193,458 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in Magnolia Oil & Gas by 28.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock valued at $116,675,000 after purchasing an additional 1,191,438 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 (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.