Magnolia Oil & Gas (NYSE:MGY) Stock Rating Raised to Buy at Gerdes Energy Research

Key Points

• Gerdes Energy Research upgraded Magnolia Oil & Gas to Buy from Neutral and set a $29 price target, implying 28.1% upside from the stock’s then-current price.
• Analyst sentiment is broadly positive: MarketBeat reported a consensus “Moderate Buy” rating and an average price target of $31.44.
• Magnolia beat quarterly estimates, reporting EPS of $0.71 versus $0.58 expected and revenue of $513.89 million versus $474.39 million expected; revenue rose 58.2% year over year.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by research analysts at Gerdes Energy Research from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, FinViz reports. The firm currently has a $29.00 target price on the stock. Gerdes Energy Research's price objective suggests a potential upside of 28.10% from the company's current price.

Several other equities research analysts have also issued reports on MGY. Siebert Williams Shank raised shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their price target for the company from $30.00 to $32.00 in a report on Wednesday, September 23rd. JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. KeyCorp reissued an "overweight" rating and issued a $38.00 target price on shares of Magnolia Oil & Gas in a research note on Wednesday, August 12th. UBS Group set a $35.00 price target on shares of Magnolia Oil & Gas in a research report on Thursday, October 15th. Finally, Scotiabank initiated coverage on shares of Magnolia Oil & Gas in a research note on Wednesday, October 14th. They set a "sector outperform" rating and a $31.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $31.44.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $22.64 on Tuesday. The firm has a market capitalization of $5.36 billion, a PE ratio of 8.95 and a beta of 0.72. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The business's 50 day moving average is $25.36 and its 200-day moving average is $27.04.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last issued its earnings results 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 analyst estimates of $474.39 million. Magnolia Oil & Gas had a return on equity of 25.19% and a net margin of 25.82%. Magnolia Oil & Gas's revenue was up 58.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. Sell-side analysts predict that Magnolia Oil & Gas will post 2.85 earnings per share for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in Magnolia Oil & Gas in the third quarter valued at about $421,000. Intech Investment Management LLC raised its stake in shares of Magnolia Oil & Gas by 91.8% in the third quarter. Intech Investment Management LLC now owns 84,025 shares of the company's stock valued at $1,974,000 after acquiring an additional 40,219 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Magnolia Oil & Gas by 17.7% in the third quarter. Bessemer Group Inc. now owns 1,570,049 shares of the company's stock valued at $36,882,000 after acquiring an additional 235,951 shares during the last quarter. Danske Bank A S acquired a new position in shares of Magnolia Oil & Gas in the 3rd quarter worth approximately $225,000. Finally, Allworth Financial LP boosted its holdings in shares of Magnolia Oil & Gas by 12.4% in the 3rd quarter. Allworth Financial LP now owns 6,472 shares of the company's stock worth $166,000 after acquiring an additional 712 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

About Magnolia Oil & Gas

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