Magnolia Oil & Gas (NYSE:MGY) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Magnolia Oil & Gas from “buy” to “hold.” Despite the move, analysts overall maintain a “Moderate Buy” consensus and a $31.59 average price target.
• Magnolia beat quarterly expectations, reporting EPS of $0.71 versus $0.58 expected and revenue of $513.89 million versus $474.39 million; revenue rose 58.2% year over year.
• Shares opened at $23.66, below their 50-day moving average of $25.44 and 200-day average of $27.04.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday, Wall Street Zen reports.

MGY has been the subject of a number of other reports. Siebert Williams Shank raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their target price for the company from $30.00 to $32.00 in a research note on Wednesday, September 23rd. Weiss Ratings raised Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Mizuho raised Magnolia Oil & Gas to a "strong-buy" rating in a research report on Friday, July 31st. Seaport Research Partners assumed coverage on Magnolia Oil & Gas in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Johnson Rice upgraded Magnolia Oil & Gas from a "hold" rating to an "accumulate" rating and decreased their price objective for the company from $33.00 to $32.00 in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has an average rating of "Moderate Buy" and a consensus target price of $31.59.

Magnolia Oil & Gas Trading Up 0.6%

Shares of NYSE MGY opened at $23.66 on Friday. The company's fifty day moving average is $25.44 and its 200-day moving average is $27.04. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of 10.61 and a beta of 0.72. 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 0.51 and a debt-to-equity ratio of 0.46.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.13. The business had revenue of $513.89 million during the quarter, compared to analysts' expectations of $474.39 million. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 19.90%. The firm's quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. Equities research analysts predict that Magnolia Oil & Gas will post 2.85 EPS for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors have recently added to or reduced their stakes in MGY. Allworth Financial LP lifted its holdings in shares of Magnolia Oil & Gas by 12.4% in the third quarter. Allworth Financial LP now owns 6,472 shares of the company's stock valued at $166,000 after purchasing an additional 712 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Magnolia Oil & Gas by 323.4% during the third quarter. Russell Investments Group Ltd. now owns 991,341 shares of the company's stock worth $23,287,000 after buying an additional 757,202 shares during the period. Fifth Third Bancorp boosted its position in shares of Magnolia Oil & Gas by 17.8% during the third quarter. Fifth Third Bancorp now owns 195,001 shares of the company's stock worth $4,581,000 after buying an additional 29,534 shares during the period. Maryland State Retirement & Pension System boosted its position in shares of Magnolia Oil & Gas by 96.0% during the third quarter. Maryland State Retirement & Pension System now owns 52,972 shares of the company's stock worth $1,244,000 after buying an additional 25,948 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Magnolia Oil & Gas by 22.4% during the third quarter. Illinois Municipal Retirement Fund now owns 113,214 shares of the company's stock worth $2,659,000 after buying an additional 20,707 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile

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.

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