Magnolia Oil & Gas (NYSE:MGY) Upgraded by JPMorgan Chase & Co. to "Overweight" Rating

Key Points

• JPMorgan upgraded Magnolia Oil & Gas to “overweight” from “neutral” and raised its price target to $33 from $32, implying approximately 23% upside.
• Analyst sentiment is broadly positive: Magnolia has a consensus “Moderate Buy” rating and an average price target of $31.71, supported by upgrades from several other firms.
• The company reported quarterly EPS of $0.99, exceeding estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million. Institutional investors own 94.73% of the stock.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Tuesday, Benzinga reports. The brokerage currently has a $33.00 price objective on the stock, up from their previous price objective of $32.00. JPMorgan Chase & Co.'s price target indicates a potential upside of 23.04% from the company's current price.

A number of other analysts have also commented on MGY. Mizuho raised Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. Johnson Rice upgraded Magnolia Oil & Gas from a "hold" rating to an "accumulate" rating and reduced their price objective for the stock from $33.00 to $32.00 in a report on Monday, August 17th. Truist Financial raised Magnolia Oil & Gas from a "hold" rating to a "buy" rating and boosted their target price for the stock from $32.00 to $33.00 in a research report on Tuesday, July 28th. Seaport Research Partners initiated coverage on shares of Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Roth Capital dropped their price target on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.71.

Magnolia Oil & Gas Stock Up 0.1%

Shares of NYSE:MGY opened at $26.82 on Tuesday. Magnolia Oil & Gas has a 12-month low of $21.07 and a 12-month high of $32.76. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The stock has a fifty day simple moving average of $26.03 and a two-hundred day simple moving average of $27.83. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of 11.76 and a beta of 0.70.

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

Insider Buying and Selling

In other news, Director David Khani bought 8,000 shares of the stock in a transaction on Friday, August 7th. The shares were bought at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares in the company, valued at $765,550. The trade was a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently made changes to their positions in the business. Planning Project LLC purchased a new position in shares of Magnolia Oil & Gas in the second quarter worth approximately $1,434,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Magnolia Oil & Gas during the second quarter valued at approximately $299,000. California State Teachers Retirement System raised its position in Magnolia Oil & Gas by 2,478.7% in the second quarter. California State Teachers Retirement System now owns 5,453,144 shares of the company's stock worth $139,491,000 after acquiring an additional 5,241,676 shares during the period. AXQ Capital LP bought a new position in Magnolia Oil & Gas in the second quarter worth approximately $584,000. Finally, iSAM Funds UK Ltd purchased a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth $238,000. Hedge funds and other institutional investors own 94.73% of the company's stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp NYSE: MGY is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company's core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).

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