Short Interest in Magnolia Oil & Gas Corp (NYSE:MGY) Expands By 14.9%

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Magnolia Oil & Gas Corp (NYSE:MGY) was the target of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 15,360,900 shares, an increase of 14.9% from the April 30th total of 13,366,400 shares. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 14.2 days. Currently, 15.0% of the company’s stock are sold short.

Several equities research analysts recently commented on the company. Wells Fargo & Co assumed coverage on Magnolia Oil & Gas in a report on Monday, May 20th. They set an “outperform” rating and a $16.00 target price on the stock. Zacks Investment Research upgraded Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. assumed coverage on Magnolia Oil & Gas in a report on Tuesday, April 9th. They set an “overweight” rating and a $16.00 target price on the stock. Credit Suisse Group assumed coverage on Magnolia Oil & Gas in a report on Monday, April 1st. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Oppenheimer set a $15.00 target price on Magnolia Oil & Gas and gave the company a “buy” rating in a report on Tuesday, February 26th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $16.27.

Shares of NYSE:MGY traded down $0.08 during mid-day trading on Wednesday, hitting $11.09. 843,400 shares of the company traded hands, compared to its average volume of 1,103,345. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.14. Magnolia Oil & Gas has a 52-week low of $9.88 and a 52-week high of $15.23.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Monday, May 6th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.06). The company had revenue of $218.67 million during the quarter, compared to analyst estimates of $221.11 million. On average, analysts expect that Magnolia Oil & Gas will post 0.7 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc purchased a new stake in Magnolia Oil & Gas during the 1st quarter worth approximately $25,000. PNC Financial Services Group Inc. increased its holdings in Magnolia Oil & Gas by 449.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,792 shares of the company’s stock worth $98,000 after purchasing an additional 7,192 shares during the last quarter. Starr International Co. Inc. purchased a new stake in Magnolia Oil & Gas during the 1st quarter worth approximately $120,000. First Mercantile Trust Co. bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at approximately $128,000. Finally, Albert D Mason Inc. bought a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at approximately $152,000. Institutional investors own 67.23% of the company’s stock.

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Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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