Citigroup Cuts Magnolia Oil & Gas (NYSE:MGY) Price Target to $27.00

Key Points

• Citigroup lowered Magnolia Oil & Gas’s price target from $29 to $27 while maintaining a neutral rating, implying roughly 3.6% upside from the stock’s $26.07 price.
• Analyst sentiment remains moderately positive overall, with a consensus rating of “Moderate Buy” and an average price target of $31.17, despite mixed recent target and rating changes.
• Magnolia reported quarterly EPS of $0.99, exceeding the $0.93 estimate, while revenue rose 50.1% year over year to $478.81 million. Institutional investors own approximately 94.73% of the company.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its price target lowered by investment analysts at Citigroup from $29.00 to $27.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target indicates a potential upside of 3.58% from the company's current price.

MGY has been the subject of several other research reports. Susquehanna lifted their target price on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a "positive" rating in a report on Tuesday. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Roth Capital lowered their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Truist Financial raised shares of Magnolia Oil & Gas from a "hold" rating to a "buy" rating and increased their price objective for the company from $32.00 to $33.00 in a research report on Tuesday, July 28th. Finally, UBS Group decreased their target price on Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating for the company in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of "Moderate Buy" and a consensus target price of $31.17.

Magnolia Oil & Gas Trading Up 0.2%

Magnolia Oil & Gas stock traded up $0.06 during midday trading on Tuesday, hitting $26.07. 1,611,994 shares of the stock were exchanged, compared to its average volume of 3,409,085. 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 market capitalization of $4.82 billion, a price-to-earnings ratio of 11.43 and a beta of 0.72. The stock's 50-day simple moving average is $26.15 and its 200 day simple moving average is $27.65. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76.

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 business had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The business's revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 EPS. On average, equities analysts anticipate that Magnolia Oil & Gas will post 2.81 EPS for the current year.

Institutional Trading of Magnolia Oil & Gas

Several hedge funds have recently bought and sold shares of MGY. Valued Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the 1st quarter worth about $29,000. Salomon & Ludwin LLC grew its holdings in Magnolia Oil & Gas by 130.1% in the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company's stock worth $29,000 after buying an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company's stock valued at $31,000 after acquiring an additional 864 shares during the period. Harbor Investment Advisory LLC acquired a new stake in Magnolia Oil & Gas in the 2nd quarter valued at approximately $39,000. Finally, Torren Management LLC bought a new stake in Magnolia Oil & Gas during the 4th quarter valued at $38,000. 94.73% of the stock is currently owned by institutional investors.

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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