Magnolia Oil & Gas (NYSE:MGY) Stock Gets Price Target Cut from Wells Fargo & Company

Key Points

• Wells Fargo cut its Magnolia Oil & Gas price target from $30 to $29, maintaining an “equal weight” rating; the new target implies 22.9% upside from the prior close.
• Analyst sentiment overall remains positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $31.47.
• Magnolia beat quarterly estimates, posting earnings of $0.71 per share versus $0.58 expected and revenue of $513.89 million versus $474.39 million expected.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $30.00 to $29.00 in a report released on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 22.90% from the stock's previous close.

MGY has been the subject of a number of other research reports. Truist Financial boosted their price target on Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a "buy" rating in a research note on Friday, October 2nd. 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. Williams Trading set a $32.00 target price on shares of Magnolia Oil & Gas in a report on Wednesday, September 23rd. Siebert Williams Shank raised shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating and upped their price target for the stock from $30.00 to $32.00 in a report on Wednesday, September 23rd. Finally, Mizuho raised shares of Magnolia Oil & Gas to a "strong-buy" rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $31.47.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $23.60 on Friday. Magnolia Oil & Gas has a 12-month low of $21.07 and a 12-month high of $32.76. The company's 50 day moving average price is $25.50 and its two-hundred day moving average price is $27.04. The firm has a market cap of $5.59 billion, a PE ratio of 10.58 and a beta of 0.72. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.13. The company had revenue of $513.89 million during the quarter, compared to the consensus estimate of $474.39 million. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 25.19%. The firm's quarterly revenue was up 58.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. Equities research analysts predict that Magnolia Oil & Gas will post 2.83 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its holdings in Magnolia Oil & Gas by 11.0% in the second quarter. Allworth Financial LP now owns 5,760 shares of the company's stock valued at $147,000 after purchasing an additional 571 shares during the period. Richardson Financial Services Inc. raised its position in Magnolia Oil & Gas by 76.4% during the 3rd quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company's stock worth $32,000 after purchasing an additional 595 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Magnolia Oil & Gas by 10.1% during the 2nd quarter. GAMMA Investing LLC now owns 7,572 shares of the company's stock worth $194,000 after buying an additional 697 shares during the period. Parallel Advisors LLC lifted its holdings in Magnolia Oil & Gas by 45.4% during the 1st quarter. Parallel Advisors LLC now owns 2,572 shares of the company's stock worth $81,000 after buying an additional 803 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Magnolia Oil & Gas by 5.2% during the 1st quarter. Cetera Investment Advisers now owns 17,549 shares of the company's stock worth $554,000 after buying an additional 867 shares during the period. Institutional investors and hedge funds own 94.73% of the company's stock.

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.

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