Magnolia Oil & Gas (NYSE:MGY) Coverage Initiated at William Blair

Key Points

• William Blair has initiated coverage on Magnolia Oil & Gas (NYSE: MGY) with an "outperform" rating.
• Magnolia Oil & Gas reported earnings of $0.43 per share, exceeding estimates, but its revenue decreased by 5.3% year-over-year.
• Currently, Magnolia Oil & Gas has a consensus rating of "Hold" from analysts, with an average target price of $26.67.

Stock analysts at William Blair assumed coverage on shares of Magnolia Oil & Gas (NYSE:MGY - Get Free Report) in a research report issued on Monday,Benzinga reports. The brokerage set an "outperform" rating on the stock.

Other research analysts have also issued reports about the stock. Bank of America increased their price target on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Citigroup restated a "sell" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 10th. Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. UBS Group reissued a "buy" rating and issued a $29.00 price target (up from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Finally, Wells Fargo & Company cut their price target on Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating on the stock in a research note on Monday, June 16th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of "Hold" and an average target price of $26.67.

Magnolia Oil & Gas Price Performance

Shares of MGY stock opened at $24.2280 on Monday. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 3.14 and a beta of 1.31. The business's fifty day moving average is $23.52 and its 200 day moving average is $22.94. Magnolia Oil & Gas has a twelve month low of $19.09 and a twelve month high of $29.02. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. Magnolia Oil & Gas had a return on equity of 19.34% and a net margin of 27.57%.The business had revenue of $318.98 million during the quarter, compared to analyst estimates of $311.58 million. During the same quarter last year, the firm posted $0.51 earnings per share. The company's revenue for the quarter was down 5.3% on a year-over-year basis. Research analysts expect that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of institutional investors have recently made changes to their positions in the company. Encompass Capital Advisors LLC bought a new position in Magnolia Oil & Gas during the first quarter valued at approximately $53,819,000. American Century Companies Inc. grew its position in Magnolia Oil & Gas by 12.9% in the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company's stock worth $266,641,000 after purchasing an additional 1,358,878 shares during the period. Jane Street Group LLC raised its stake in Magnolia Oil & Gas by 1,382.9% during the 1st quarter. Jane Street Group LLC now owns 1,059,335 shares of the company's stock valued at $26,759,000 after buying an additional 987,896 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Magnolia Oil & Gas by 506.2% during the 1st quarter. Millennium Management LLC now owns 1,022,836 shares of the company's stock valued at $25,837,000 after buying an additional 854,113 shares during the period. Finally, Nuveen LLC bought a new position in shares of Magnolia Oil & Gas during the 1st quarter valued at $21,066,000. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.

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