Magnolia Oil & Gas Corp (NYSE:MGY) Stock Has Average Target Price of $31.39

Key Points

• Analysts’ consensus is “Moderate Buy”: 13 of 20 analysts rate Magnolia Oil & Gas a buy, one a strong buy and six a hold; the average 12-month price target is $31.39.
• The company beat quarterly expectations, reporting earnings of $0.71 per share versus $0.58 forecast and revenue of $513.89 million versus $474.39 million expected. Revenue rose 58.2% year over year.
• Magnolia announced a quarterly dividend of $0.18 per share, equivalent to $0.72 annually and a 2.9% yield at the article’s cited share price.

Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) has been given an average recommendation of "Moderate Buy" by the twenty ratings firms that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $31.39.

Several analysts recently weighed in on MGY shares. Citigroup dropped their price target on Magnolia Oil & Gas from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Tuesday, November 10th. KeyCorp restated an "overweight" rating and set a $38.00 price objective on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Mizuho raised shares of Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. JPMorgan Chase & Co. upgraded Magnolia Oil & Gas from a "neutral" rating to an "overweight" rating and increased their price target for the company from $32.00 to $33.00 in a research note on Tuesday, September 8th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Magnolia Oil & Gas in a research report on Wednesday, November 4th.

Magnolia Oil & Gas Stock Up 1.6%

Shares of NYSE:MGY traded up $0.38 during midday trading on Friday, reaching $24.54. The company had a trading volume of 2,645,922 shares, compared to its average volume of 2,996,105. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.46. The business's 50 day moving average price is $25.09 and its 200 day moving average price is $27.03. The stock has a market cap of $6.53 billion, a PE ratio of 11.00 and a beta of 0.72. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.13. Magnolia Oil & Gas had a net margin of 25.82% and a return on equity of 19.90%. The business had revenue of $513.89 million during the quarter, compared to analysts' expectations of $474.39 million. During the same period last year, the business earned $0.42 earnings per share. The firm's revenue was up 58.2% on a year-over-year basis. Research analysts forecast that Magnolia Oil & Gas will post 2.99 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. Magnolia Oil & Gas's dividend payout ratio (DPR) is 32.29%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Richardson Financial Services Inc. raised its stake in Magnolia Oil & Gas by 76.4% during the 3rd quarter. Richardson Financial Services Inc. now owns 1,374 shares of the company's stock worth $32,000 after buying an additional 595 shares during the period. Harbor Investment Advisory LLC acquired a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $39,000. Ancora Advisors LLC acquired a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $51,000. Global Retirement Partners LLC grew its stake in Magnolia Oil & Gas by 34.7% in the third quarter. Global Retirement Partners LLC now owns 2,196 shares of the company's stock valued at $52,000 after acquiring an additional 566 shares during the period. Finally, Versant Capital Management Inc increased its holdings in shares of 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 acquiring an additional 1,111 shares in the last quarter. Institutional investors own 94.73% of the company's stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation is an independent exploration and production company focused on developing oil and natural gas resources in South Texas. Its operations target the Eagle Ford Shale and Austin Chalk formations. The company's assets are concentrated in the Karnes and Giddings areas. Its production includes crude oil, natural gas and natural gas liquids. Magnolia was established in 2018 through a business combination with TPG Pace Holdings. It is headquartered in Houston, Texas.

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