Magnolia Oil & Gas (NYSE:MGY) Stock Rating Reaffirmed as Buy by Truist Financial

Key Points

• Truist reaffirmed its Buy rating on Magnolia Oil & Gas and raised its price target from $35 to $37, implying about 55% upside from the stock’s reported $23.85 price.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $31.59, though ratings range from Buy to Hold.
• Magnolia beat quarterly estimates, reporting EPS of $0.71 versus $0.58 expected and revenue of $513.89 million; revenue rose 58.2% year over year.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Truist Financial in a research report issued on Friday, Benzinga reports. They currently have a $37.00 price target on the stock, up from their previous price target of $35.00. Truist Financial's price objective would indicate a potential upside of 55.16% from the stock's current price.

A number of other brokerages also recently issued reports on MGY. Wall Street Zen upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Williams Trading set a $32.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, September 23rd. 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. Seaport Research Partners assumed coverage on shares of Magnolia Oil & Gas in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Finally, Zacks Research lowered shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Moderate Buy" and an average price target of $31.59.

Magnolia Oil & Gas Trading Up 1.4%

NYSE MGY traded up $0.33 during trading hours on Friday, hitting $23.85. 1,473,887 shares of the company were exchanged, compared to its average volume of 3,502,512. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average price of $25.50 and a 200 day moving average price of $27.04. The stock has a market cap of $5.65 billion, a PE ratio of 10.70 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company's revenue for the quarter was up 58.2% on a year-over-year basis. During the same period last year, the company earned $0.42 EPS. Analysts forecast that Magnolia Oil & Gas will post 2.83 earnings per share for the current fiscal year.

Institutional Trading of Magnolia Oil & Gas

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