Magnolia Oil & Gas (NYSE:MGY) Stock Rating Upgraded by Zacks Research

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Citigroup lowered their price target on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings upgraded shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Wall Street Zen upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Susquehanna raised their target price on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.71.

Magnolia Oil & Gas Price Performance

Shares of NYSE MGY opened at $28.51 on Monday. The firm has a market cap of $6.76 billion, a P/E ratio of 12.51 and a beta of 0.70. Magnolia Oil & Gas has a twelve month low of $21.07 and a twelve month high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average of $26.33 and a 200 day moving average of $27.86.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.93 by $0.06. The business had revenue of $478.81 million for the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The company’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the business posted $0.41 EPS. As a group, research analysts expect that Magnolia Oil & Gas will post 2.91 EPS for the current fiscal year.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David Khani bought 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were acquired at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the transaction, the director owned 30,622 shares of the company’s stock, valued at approximately $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently made changes to their positions in the business. Tidal Investments LLC increased its holdings in Magnolia Oil & Gas by 34.3% during the second quarter. Tidal Investments LLC now owns 93,383 shares of the company’s stock valued at $2,389,000 after buying an additional 23,833 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth $72,000. IFP Advisors Inc boosted its stake in shares of Magnolia Oil & Gas by 12.2% during the 2nd quarter. IFP Advisors Inc now owns 9,180 shares of the company’s stock worth $235,000 after acquiring an additional 999 shares during the last quarter. Allworth Financial LP grew its position in shares of Magnolia Oil & Gas by 11.0% during the 2nd quarter. Allworth Financial LP now owns 5,760 shares of the company’s stock valued at $147,000 after acquiring an additional 571 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Magnolia Oil & Gas by 3.3% during the 2nd quarter. Arizona State Retirement System now owns 49,947 shares of the company’s stock valued at $1,278,000 after acquiring an additional 1,579 shares during the period. Institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.