Magnolia Oil & Gas Corp (NYSE:MGY) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Magnolia Oil & Gas Corp (NYSE:MGY) has been assigned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $31.53.

Several research analysts recently issued reports on the company. Citigroup decreased their price target on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating for the company in a report on Tuesday, August 11th. Zacks Research lowered Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 13th. Seaport Research Partners began coverage on Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Wall Street Zen cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, KeyCorp reaffirmed an “overweight” rating and set a $38.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David Khani acquired 8,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently modified their holdings of MGY. Nisa Investment Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 95.6% in the third quarter. Nisa Investment Advisors LLC now owns 12,724 shares of the company’s stock valued at $299,000 after acquiring an additional 6,218 shares in the last quarter. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Magnolia Oil & Gas during the third quarter valued at approximately $145,000. Fort Washington Investment Advisors Inc. OH lifted its holdings in Magnolia Oil & Gas by 96.5% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 1,711,173 shares of the company’s stock worth $40,195,000 after acquiring an additional 840,275 shares during the period. Central Pacific Bank Trust Division lifted its holdings in Magnolia Oil & Gas by 96.4% during the third quarter. Central Pacific Bank Trust Division now owns 11,430 shares of the company’s stock worth $268,000 after acquiring an additional 5,610 shares during the period. Finally, Tidal Investments LLC lifted 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 worth $2,389,000 after acquiring an additional 23,833 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $25.48 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a 50 day moving average price of $25.84 and a two-hundred day moving average price of $26.92. The firm has a market capitalization of $6.04 billion, a P/E ratio of 11.17 and a beta of 0.80. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The firm had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. During the same period in the prior year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities analysts forecast that Magnolia Oil & Gas will post 2.75 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were issued a $0.18 dividend. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is currently 31.58%.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.