Wells Fargo & Company Cuts Magnolia Oil & Gas (NYSE:MGY) Price Target to $21.00

Magnolia Oil & Gas (NYSE:MGY) had its price target reduced by equities research analysts at Wells Fargo & Company from $22.00 to $21.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 12.20% from the stock’s current price.

Several other brokerages have also issued reports on MGY. Piper Sandler cut their price target on Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday, May 23rd. UBS Group raised their price objective on shares of Magnolia Oil & Gas from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, Williams Trading set a $29.00 price target on shares of Magnolia Oil & Gas in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $27.00.

Magnolia Oil & Gas Trading Down 1.2%

MGY stock traded down $0.30 during midday trading on Monday, hitting $23.92. The stock had a trading volume of 657,890 shares, compared to its average volume of 2,292,289. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market cap of $4.60 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 3.01 and a beta of 1.29. The business has a fifty day moving average price of $21.75 and a two-hundred day moving average price of $23.40. Magnolia Oil & Gas has a 1-year low of $19.09 and a 1-year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The firm had revenue of $350.30 million for the quarter, compared to analysts’ expectations of $337.83 million. During the same period in the prior year, the business earned $0.46 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, sell-side analysts predict that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC lifted its stake in Magnolia Oil & Gas by 112.3% in the fourth quarter. Larson Financial Group LLC now owns 1,072 shares of the company’s stock valued at $25,000 after purchasing an additional 567 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the 1st quarter valued at about $30,000. Quarry LP lifted its holdings in Magnolia Oil & Gas by 1,047.8% during the fourth quarter. Quarry LP now owns 2,135 shares of the company’s stock valued at $50,000 after purchasing an additional 1,949 shares during the last quarter. Parallel Advisors LLC boosted its position in Magnolia Oil & Gas by 122.8% during the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company’s stock worth $58,000 after purchasing an additional 1,272 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in shares of Magnolia Oil & Gas by 95.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,777 shares of the company’s stock worth $88,000 after purchasing an additional 1,844 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.