Magnolia Oil & Gas Corp (NYSE:MGY) Stock Has Consensus Target Price of $31.53

Shares of Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) have been given an average rating of "Moderate Buy" by the nineteen analysts that are presently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $31.53.

A number of research analysts recently issued reports on the stock. Zacks Research downgraded shares of Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 13th. Mizuho upgraded shares of Magnolia Oil & Gas to a "strong-buy" rating in a report on Friday, July 31st. Scotiabank assumed coverage on shares of Magnolia Oil & Gas in a report on Wednesday, October 14th. They issued a "sector outperform" rating and a $31.00 price target for the company. KeyCorp reaffirmed an "overweight" rating and issued a $38.00 price target on shares of Magnolia Oil & Gas in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. upgraded shares of Magnolia Oil & Gas from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $32.00 to $33.00 in a report on Tuesday, September 8th.

Magnolia Oil & Gas Trading Up 0.0%

Shares of MGY stock opened at $25.48 on Wednesday. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a 50 day simple moving average of $25.84 and a two-hundred day simple moving average of $26.92. The company has a market cap of $6.04 billion, a P/E ratio of 11.17 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted 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 firm had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The company's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. Research analysts forecast that Magnolia Oil & Gas will post 2.75 earnings per share for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th were given a dividend of $0.18 per share. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.1650. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. Magnolia Oil & Gas's payout ratio is currently 31.58%.

Insider Buying and Selling

In other news, Director David Khani purchased 8,000 shares of the business's stock in a transaction on Friday, August 7th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares in the company, valued at approximately $765,550. The trade was a 35.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently modified their holdings of the company. Valued Wealth Advisors LLC acquired a new position in Magnolia Oil & Gas during the first quarter worth $29,000. Harbor Investment Advisory LLC acquired a new position in shares of Magnolia Oil & Gas during the second quarter valued at about $39,000. Ancora Advisors LLC acquired a new position in shares of Magnolia Oil & Gas during the second quarter valued at about $51,000. Versant Capital Management Inc grew 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 buying an additional 1,111 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 45.4% during the first quarter. Parallel Advisors LLC now owns 2,572 shares of the company's stock valued at $81,000 after buying an additional 803 shares during the last quarter. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation NYSE: MGY is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.

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