Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $38.00 at KeyCorp

Magnolia Oil & Gas (NYSE:MGY) had its price objective upped by analysts at KeyCorp from $30.00 to $38.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 25.99% from the company’s previous close.

A number of other analysts have also issued reports on MGY. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Thursday, January 22nd. Wells Fargo & Company set a $25.00 target price on shares of Magnolia Oil & Gas in a research note on Monday, February 16th. Mizuho set a $30.00 target price on shares of Magnolia Oil & Gas in a research report on Friday, February 6th. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research note on Friday, March 6th. Finally, Citigroup boosted their price target on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.55.

Magnolia Oil & Gas Stock Down 4.5%

MGY stock opened at $30.16 on Thursday. Magnolia Oil & Gas has a 52 week low of $19.09 and a 52 week high of $32.76. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20. The firm has a 50-day simple moving average of $27.97 and a 200-day simple moving average of $24.67. The stock has a market capitalization of $5.62 billion, a P/E ratio of 17.54, a P/E/G ratio of 2.22 and a beta of 0.89.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The company had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. During the same period in the previous year, the firm posted $0.44 EPS. Magnolia Oil & Gas’s revenue was down 2.8% compared to the same quarter last year. Equities analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Dan F. Smith sold 18,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $29.01, for a total transaction of $522,180.00. Following the sale, the director owned 119,204 shares of the company’s stock, valued at approximately $3,458,108.04. The trade was a 13.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy D. Yang sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $29.29, for a total value of $4,393,500.00. Following the completion of the transaction, the executive vice president owned 526,661 shares in the company, valued at $15,425,900.69. This represents a 22.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 338,954 shares of company stock worth $9,911,733. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Hedge funds have recently modified their holdings of the business. TD Asset Management Inc lifted its position in Magnolia Oil & Gas by 55.7% in the third quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock valued at $106,898,000 after buying an additional 1,601,809 shares during the last quarter. Epoch Investment Partners Inc. increased its position in shares of Magnolia Oil & Gas by 58.7% during the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after acquiring an additional 1,531,061 shares during the last quarter. HITE Hedge Asset Management LLC increased its position in shares of Magnolia Oil & Gas by 661.5% during the fourth quarter. HITE Hedge Asset Management LLC now owns 1,454,388 shares of the company’s stock valued at $31,837,000 after acquiring an additional 1,263,407 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Magnolia Oil & Gas by 192.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock valued at $33,449,000 after acquiring an additional 921,970 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in shares of Magnolia Oil & Gas by 16,251.3% in the 3rd quarter. Pacer Advisors Inc. now owns 626,745 shares of the company’s stock worth $14,960,000 after acquiring an additional 622,912 shares during the last quarter. 94.73% of the stock is currently owned by hedge funds and other 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).