Magnolia Oil & Gas (NYSE:MGY) Given New $35.00 Price Target at Citigroup

Magnolia Oil & Gas (NYSE:MGY) had its target price hoisted by Citigroup from $29.00 to $35.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 11.04% from the stock’s previous close.

Several other research firms have also commented on MGY. Weiss Ratings reissued a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Truist Financial began coverage on Magnolia Oil & Gas in a research report on Tuesday, March 24th. They set a “hold” rating and a $33.00 price objective for the company. BMO Capital Markets assumed coverage on Magnolia Oil & Gas in a research report on Friday, January 9th. They set an “outperform” rating and a $27.00 target price on the stock. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Friday, March 6th. Finally, Susquehanna lowered their price target on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.82.

Magnolia Oil & Gas Stock Down 1.9%

Magnolia Oil & Gas stock traded down $0.60 during trading on Tuesday, reaching $31.52. The stock had a trading volume of 1,665,468 shares, compared to its average volume of 3,117,746. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a 52-week low of $19.09 and a 52-week high of $32.76. The stock has a market cap of $5.88 billion, a PE ratio of 18.33, a P/E/G ratio of 2.27 and a beta of 0.89. The business has a 50 day moving average price of $27.67 and a 200 day moving average price of $24.57.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $317.63 million for the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The company’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $0.44 EPS. On average, analysts predict that Magnolia Oil & Gas will post 2.1 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian Corales sold 33,000 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the completion of the sale, the chief financial officer directly owned 184,178 shares of the company’s stock, valued at approximately $5,363,263.36. This represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dan F. Smith sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.01, for a total transaction of $522,180.00. Following the transaction, the director owned 119,204 shares in the company, valued at approximately $3,458,108.04. This trade represents a 13.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 338,954 shares of company stock valued at $9,911,733. 0.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings in Magnolia Oil & Gas by 1.4% in the 4th quarter. State Street Corp now owns 8,800,807 shares of the company’s stock valued at $192,650,000 after purchasing an additional 125,707 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,634,362 shares of the company’s stock valued at $145,230,000 after buying an additional 264,649 shares during the period. TD Asset Management Inc lifted its holdings in shares of 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 buying an additional 1,193,458 shares during the period. Epoch Investment Partners Inc. boosted its stake in shares of Magnolia Oil & Gas by 28.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company’s stock valued at $116,675,000 after buying an additional 1,191,438 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Magnolia Oil & Gas by 2.2% in the third quarter. Wellington Management Group LLP now owns 5,225,168 shares of the company’s stock valued at $124,725,000 after buying an additional 113,458 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 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).