Magnolia Oil & Gas (NYSE:MGY) Upgraded to "Buy" at Siebert Williams Shank

Key Points

• Siebert Williams Shank upgraded Magnolia Oil & Gas to “Buy” from “Hold” and raised its price target to $32 from $30, implying 33.13% upside from the previous close.
• Analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $31.81; JPMorgan also upgraded it to “Overweight” with a $33 target.
• Magnolia reported quarterly EPS of $0.99, exceeding the $0.93 consensus estimate, while revenue of $478.81 million rose 50.1% year over year and surpassed expectations.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by Siebert Williams Shank from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm presently has a $32.00 price target on the stock, up from their prior price target of $30.00. Siebert Williams Shank's price objective would suggest a potential upside of 33.13% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $32.00 to $33.00 in a research report on Tuesday, September 8th. Wells Fargo & Company raised shares of Magnolia Oil & Gas to a "hold" rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded Magnolia Oil & Gas from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Citigroup decreased their price target on Magnolia Oil & Gas from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Finally, Susquehanna boosted their price objective on Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a "positive" rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $31.81.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $24.04 on Wednesday. The business has a 50-day simple moving average of $26.21 and a two-hundred day simple moving average of $27.75. 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 has a 52 week low of $21.07 and a 52 week high of $32.76. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 10.54 and a beta of 0.70.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced 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. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The firm's revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. On average, analysts expect that Magnolia Oil & Gas will post 2.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director David Khani bought 8,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average cost of $25.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the director owned 30,622 shares of the company's stock, valued at approximately $765,550. The trade was a 35.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.92% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Valued Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the first quarter worth $29,000. Harbor Investment Advisory LLC purchased a new stake in Magnolia Oil & Gas during the second quarter valued at $39,000. Ancora Advisors LLC bought a new position in Magnolia Oil & Gas during the second quarter valued at $51,000. Versant Capital Management Inc lifted its position in Magnolia Oil & Gas by 96.9% during the second quarter. Versant Capital Management Inc now owns 2,257 shares of the company's stock valued at $58,000 after purchasing an additional 1,111 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake 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 worth $81,000 after buying an additional 803 shares in the last quarter. 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 energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company's operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.

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