Magnolia Oil & Gas (NYSE:MGY) Reaches New 12-Month High – Should You Buy?

Magnolia Oil & Gas Corp (NYSE:MGY) hit a new 52-week high on Tuesday . The stock traded as high as $27.52 and last traded at $27.3720, with a volume of 142279 shares changing hands. The stock had previously closed at $27.30.

Analysts Set New Price Targets

A number of brokerages have recently commented on MGY. Piper Sandler upped their price target on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, January 21st. Bank of America raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $26.00 to $28.00 in a research report on Friday, January 16th. UBS Group restated a “buy” rating and issued a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Friday, January 9th. Finally, Citigroup raised their price target on Magnolia Oil & Gas from $25.00 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and a consensus target price of $27.58.

Magnolia Oil & Gas Trading Down 1.3%

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54. The business’s 50-day moving average is $23.89 and its 200 day moving average is $23.58. The firm has a market capitalization of $5.02 billion, a P/E ratio of 15.69 and a beta of 0.96.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) 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 analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $0.44 earnings per share. As a group, analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently bought and sold shares of MGY. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Magnolia Oil & Gas by 236.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after buying an additional 836 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after purchasing an additional 760 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Magnolia Oil & Gas during the second quarter valued at approximately $30,000. Mather Group LLC. bought a new stake in Magnolia Oil & Gas during the third quarter worth $31,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile

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).