Zacks Research Upgrades Magnolia Oil & Gas (NYSE:MGY) to Strong-Buy

Key Points

• Zacks Research upgraded Magnolia Oil & Gas to “strong buy” from “hold.” Analysts’ overall consensus remains “Moderate Buy,” with a consensus price target of $31.71.
• Magnolia reported quarterly adjusted earnings of $0.99 per share, beating estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million.
• The stock opened at $28.51, with a market capitalization of approximately $6.76 billion; institutional investors own 94.73% of outstanding shares.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday, Zacks reports.

A number of other equities research analysts also recently commented on the stock. Seaport Research Partners began coverage on shares of Magnolia Oil & Gas in a research report on Thursday, September 3rd. They issued a "neutral" rating for the company. UBS Group lowered their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Wall Street Zen upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Roth Capital cut their price objective on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Finally, Wells Fargo & Company raised Magnolia Oil & Gas to a "hold" rating in a report on Wednesday, September 2nd. 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 stock. According to data from MarketBeat, Magnolia Oil & Gas currently has an average rating of "Moderate Buy" and a consensus target price of $31.71.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $28.51 on Monday. The firm's 50-day moving average price is $26.33 and its 200-day moving average price is $27.86. Magnolia Oil & Gas has a 52-week low of $21.07 and a 52-week high of $32.76. The company has a market cap of $6.76 billion, a PE ratio of 12.51 and a beta of 0.70. 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 (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. The firm had revenue of $478.81 million during 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%. The firm's quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, analysts anticipate that Magnolia Oil & Gas will post 2.91 EPS for the current year.

Insider Buying and Selling at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director David Khani acquired 8,000 shares of the business's stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the transaction, the director directly owned 30,622 shares in the company, valued at approximately $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Magnolia Oil & Gas by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 7,028,781 shares of the company's stock worth $221,910,000 after buying an additional 394,419 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Magnolia Oil & Gas by 2.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,279,636 shares of the company's stock valued at $198,248,000 after buying an additional 170,174 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Magnolia Oil & Gas by 790.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,263,808 shares of the company's stock valued at $197,748,000 after buying an additional 5,560,619 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Magnolia Oil & Gas by 26.6% during the 4th quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock valued at $124,156,000 after acquiring an additional 1,193,458 shares during the period. Finally, Epoch Investment Partners Inc. grew its stake in shares of Magnolia Oil & Gas by 28.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company's stock valued at $116,675,000 after acquiring an additional 1,191,438 shares during the period. 94.73% of the stock is owned by institutional investors.

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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