Magnolia Oil & Gas (NYSE:MGY) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised Magnolia Oil & Gas’s price target from $34 to $35 and maintained a “buy” rating, implying 45.82% upside from the stock’s $24 price.
• Analyst sentiment remains favorable, with two Strong Buy ratings and 11 Buy ratings; the consensus rating is “Moderate Buy” with an average price target of $31.88.
• Magnolia reported quarterly EPS of $0.99, beating estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million. Institutional investors own 94.73% of the company, and a director recently purchased $200,000 of shares.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its price target boosted by stock analysts at Truist Financial from $34.00 to $35.00 in a report released on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 45.82% from the stock's current price.

Several other equities research analysts also recently issued reports on the stock. UBS Group dropped their price target on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Susquehanna upped their price objective on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a "positive" rating in a research report on Tuesday, August 11th. Williams Trading set a $32.00 target price on Magnolia Oil & Gas in a research report on Wednesday, September 23rd. Wells Fargo & Company upgraded Magnolia Oil & Gas to a "hold" rating in a research note on Wednesday, September 2nd. Finally, KeyCorp reissued an "overweight" rating and issued a $38.00 price target on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of "Moderate Buy" and a consensus price target of $31.88.

Magnolia Oil & Gas Stock Down 0.3%

NYSE MGY traded down $0.07 on Friday, reaching $24.00. The company had a trading volume of 6,499,483 shares, compared to its average volume of 3,534,368. The firm has a market capitalization of $5.69 billion, a PE ratio of 10.53 and a beta of 0.80. Magnolia Oil & Gas has a 1 year low of $21.07 and a 1 year high of $32.76. The firm has a 50-day moving average of $25.91 and a 200-day moving average of $27.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter last year, the firm posted $0.41 earnings per share. The business's quarterly revenue was up 50.1% on a year-over-year basis. On average, equities research analysts anticipate that Magnolia Oil & Gas will post 2.91 EPS for the current fiscal year.

Insider Buying and Selling at Magnolia Oil & Gas

In related news, Director David Khani bought 8,000 shares of the business's stock in a transaction dated Friday, August 7th. The shares were acquired 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 $765,550. This trade represents a 35.36% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.92% of the company's stock.

Institutional Trading of Magnolia Oil & Gas

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in Magnolia Oil & Gas by 5.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock worth $221,910,000 after buying an additional 394,419 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after acquiring an additional 170,174 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Magnolia Oil & Gas by 790.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock worth $197,748,000 after purchasing an additional 5,560,619 shares during the last quarter. TD Asset Management Inc lifted its stake in Magnolia Oil & Gas by 26.6% during the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock worth $124,156,000 after purchasing an additional 1,193,458 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Magnolia Oil & Gas by 20.5% in the first quarter. Bank of America Corp DE now owns 3,877,361 shares of the company's stock worth $122,408,000 after purchasing an additional 659,012 shares during the period. 94.73% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and production of crude oil, natural gas and natural gas liquids.

Magnolia's operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, including its Karnes and Giddings areas. Its production activities are supported by established infrastructure and involve the development of unconventional oil and gas resources.

The company was formed in 2017 through a business combination involving TPG Pace Energy Holdings Corp.

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