Truist Financial Reaffirms Buy Rating for Magnolia Oil & Gas (NYSE:MGY)

Key Points

• Truist Financial reaffirmed its “Buy” rating on Magnolia Oil & Gas and raised its price target from $33 to $34, implying 35.35% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $31.79; ratings include two Strong Buys, ten Buys and six Holds.
• Magnolia reported quarterly EPS of $0.99, exceeding estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million. Director David Khani also purchased $200,000 of company shares.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Truist Financial in a research note issued to investors on Monday, Benzinga reports. They currently have a $34.00 price objective on the stock, up from their prior price objective of $33.00. Truist Financial's target price suggests a potential upside of 35.35% from the company's previous close.

A number of other research analysts also recently commented on the company. Roth Capital dropped their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Johnson Rice upgraded Magnolia Oil & Gas from a "hold" rating to an "accumulate" rating and decreased their target price for the stock from $33.00 to $32.00 in a research note on Monday, August 17th. Zacks Research raised Magnolia Oil & Gas from a "hold" rating to a "strong-buy" rating in a report on Monday, September 14th. Susquehanna increased their price target on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a "positive" rating in a research note on Tuesday, August 11th. Finally, Seaport Research Partners started coverage on shares of Magnolia Oil & Gas in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.79.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $25.12 on Monday. The stock has a market cap of $5.95 billion, a P/E ratio of 11.02 and a beta of 0.70. The company has a fifty day simple moving average of $26.31 and a 200-day simple moving average of $27.81. 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.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same quarter in the prior year, the company posted $0.41 earnings per share. Magnolia Oil & Gas's revenue for the quarter was up 50.1% compared to the same quarter last year. Equities analysts expect that Magnolia Oil & Gas will post 2.94 EPS for the current fiscal year.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director David Khani acquired 8,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was acquired at an average cost 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 of the company's stock, valued at $765,550. The trade was a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.92% of the company's stock.

Institutional Trading of Magnolia Oil & Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC increased its stake in Magnolia Oil & Gas by 2.8% in the first quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after purchasing an additional 170,174 shares during the period. Y Intercept Hong Kong Ltd boosted its stake in shares of Magnolia Oil & Gas by 481.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 153,445 shares of the company's stock worth $4,844,000 after buying an additional 127,077 shares during the period. TD Asset Management Inc boosted its stake in shares of 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 buying an additional 1,193,458 shares during the period. Edgestream Partners L.P. boosted its stake in shares of Magnolia Oil & Gas by 45.7% during the first quarter. Edgestream Partners L.P. now owns 352,998 shares of the company's stock worth $11,144,000 after buying an additional 110,677 shares during the period. Finally, Planning Project LLC purchased a new position in shares of Magnolia Oil & Gas during the second quarter worth about $1,434,000. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Company Profile

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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