Magnolia Oil & Gas (NYSE:MGY) Stock Rating Raised to “Buy” at Gerdes Energy Research

Magnolia Oil & Gas (NYSE:MGY) was upgraded by investment analysts at Gerdes Energy Research from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, FinViz reports. The brokerage presently has a $29.00 target price on the stock. Gerdes Energy Research‘s price target indicates a potential upside of 28.10% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Roth Capital reduced their target price on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Wall Street Zen cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Sunday. Susquehanna raised their price target on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Scotiabank initiated coverage on shares of Magnolia Oil & Gas in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $31.00 price objective for the company. Finally, Truist Financial restated a “buy” rating and issued a $37.00 price objective (up from $35.00) on shares of Magnolia Oil & Gas in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.44.

Magnolia Oil & Gas Stock Down 4.4%

Shares of NYSE MGY opened at $22.64 on Tuesday. The firm’s 50-day simple moving average is $25.36 and its 200 day simple moving average is $27.04. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 8.95 and a beta of 0.72. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. 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 issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.13. The firm had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 25.19%. The company’s revenue was up 58.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. On average, research analysts expect that Magnolia Oil & Gas will post 2.85 earnings per share for the current fiscal year.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its position in Magnolia Oil & Gas by 790.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company’s stock valued at $197,748,000 after purchasing an additional 5,560,619 shares during the period. Fort Washington Investment Advisors Inc. OH grew its position in shares of Magnolia Oil & Gas by 96.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,711,173 shares of the company’s stock worth $40,195,000 after buying an additional 840,275 shares during the period. Russell Investments Group Ltd. grew its position in shares of Magnolia Oil & Gas by 323.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 991,341 shares of the company’s stock worth $23,287,000 after buying an additional 757,202 shares during the period. Bank of America Corp DE grew its position in shares of Magnolia Oil & Gas by 20.5% during the 1st quarter. Bank of America Corp DE now owns 3,877,361 shares of the company’s stock worth $122,408,000 after buying an additional 659,012 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Magnolia Oil & Gas by 43.7% during the first quarter. Renaissance Technologies LLC now owns 1,701,802 shares of the company’s stock worth $53,726,000 after buying an additional 517,500 shares during the last quarter. 94.73% of the stock is owned by institutional investors.

About Magnolia Oil & Gas