Magnolia Oil & Gas Corp (NYSE:MGY) Stock Has Average Target Price of $31.81

Magnolia Oil & Gas Corp (NYSE:MGY) has been assigned an average rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $31.81.

Several brokerages have recently commented on MGY. JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $33.00 in a research note on Tuesday, September 8th. KeyCorp reiterated an “overweight” rating and set a $38.00 target price on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Roth Capital cut their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Weiss Ratings raised shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Finally, Williams Trading set a $32.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, September 23rd.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director David Khani purchased 8,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $25.00 per share, with a total value of $200,000.00. Following the acquisition, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently bought and sold shares of MGY. Janus Henderson Group PLC lifted its position in shares of Magnolia Oil & Gas by 2.8% during the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company’s stock worth $198,248,000 after purchasing an additional 170,174 shares in the last quarter. Planning Project LLC bought a new stake in shares of Magnolia Oil & Gas during the second quarter valued at approximately $1,434,000. TD Asset Management Inc increased its holdings in shares of Magnolia Oil & Gas by 26.6% in the fourth 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. Y Intercept Hong Kong Ltd increased its holdings in shares of Magnolia Oil & Gas by 481.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company’s stock valued at $4,844,000 after purchasing an additional 127,077 shares in the last quarter. Finally, Edgestream Partners L.P. raised its position in Magnolia Oil & Gas by 45.7% in the 1st quarter. Edgestream Partners L.P. now owns 352,998 shares of the company’s stock worth $11,144,000 after purchasing an additional 110,677 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $23.69 on Friday. The business has a 50 day simple moving average of $26.02 and a 200 day simple moving average of $27.61. 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 company has a market capitalization of $5.61 billion, a PE ratio of 10.39 and a beta of 0.70. 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 announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $478.81 million for the quarter, compared to analysts’ expectations of $458.10 million. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue was up 50.1% compared to the same quarter last year. On average, sell-side analysts forecast that Magnolia Oil & Gas will post 2.92 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, August 10th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 31.58%.

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.