Magnolia Oil & Gas (NYSE:MGY) Sees Unusually-High Trading Volume – Should You Buy?

Magnolia Oil & Gas Corp (NYSE:MGY) saw unusually-high trading volume on Wednesday . Approximately 5,365,877 shares were traded during trading, an increase of 75% from the previous session’s volume of 3,071,734 shares.The stock last traded at $25.7450 and had previously closed at $25.09.

Analyst Upgrades and Downgrades

MGY has been the subject of several recent analyst reports. Truist Financial reduced their price objective on shares of Magnolia Oil & Gas from $34.00 to $32.00 and set a “hold” rating for the company in a research report on Tuesday, July 7th. KeyCorp reaffirmed an “overweight” rating on shares of Magnolia Oil & Gas in a research report on Monday, June 29th. Susquehanna lifted their price target on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the stock a “positive” rating in a research note on Tuesday. Citigroup cut their price target on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. Finally, Weiss Ratings downgraded shares of Magnolia Oil & Gas from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $31.58.

Magnolia Oil & Gas Trading Up 2.5%

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $4.76 billion, a PE ratio of 14.96 and a beta of 0.70. The business’s 50-day moving average price is $27.23 and its 200-day moving average price is $27.39.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. Magnolia Oil & Gas’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. As a group, analysts expect that Magnolia Oil & Gas Corp will post 2.67 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, May 12th. Magnolia Oil & Gas’s dividend payout ratio is presently 38.37%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in MGY. Salomon & Ludwin LLC raised its stake in Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after acquiring an additional 760 shares during the last quarter. Valued Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas in the first quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased 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 valued at $31,000 after purchasing an additional 864 shares during the period. Torren Management LLC purchased a new position in Magnolia Oil & Gas during the 4th quarter worth $38,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Magnolia Oil & Gas in the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

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).