Magnolia Oil & Gas (NYSE:MGY) Raised to "Accumulate" at Johnson Rice

Key Points

• Johnson Rice upgraded Magnolia Oil & Gas to “accumulate” from “hold” and set a $32 price target, implying approximately 21.9% upside from the prior close.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $31.62; recent ratings include upgrades from Susquehanna, Mizuho and Truist Financial.
• Magnolia exceeded quarterly expectations, reporting $0.99 in earnings per share versus the $0.93 consensus estimate and $478.81 million in revenue, up 50.1% year over year.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by research analysts at Johnson Rice from a "hold" rating to an "accumulate" rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $32.00 target price on the stock. Johnson Rice's price target would indicate a potential upside of 21.92% from the stock's previous close.

A number of other analysts also recently issued reports on MGY. Susquehanna boosted their price objective on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Mizuho upgraded shares of Magnolia Oil & Gas to a "strong-buy" rating in a research report on Friday, July 31st. Roth Capital cut their price target 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 upgraded Magnolia Oil & Gas from a "hold" rating to a "buy" rating and raised their price objective for the stock from $32.00 to $33.00 in a research note on Tuesday, July 28th. Finally, Zacks Research cut Magnolia Oil & Gas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of "Moderate Buy" and an average target price of $31.62.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $26.25 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.58 and a quick ratio of 1.58. The stock's fifty day moving average price is $26.01 and its two-hundred day moving average price is $27.71. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 11.51 and a beta of 0.72.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.06. The company had revenue of $478.81 million during the quarter, compared to the consensus estimate 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 was up 50.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 earnings per share. On average, equities analysts forecast that Magnolia Oil & Gas will post 2.79 EPS for the current year.

Insider Activity

In other Magnolia Oil & Gas news, Director David M. Khani purchased 8,000 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director owned 30,622 shares of the company's stock, valued at approximately $765,550. This represents a 35.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.92% of the company's stock.

Institutional Trading of Magnolia Oil & Gas

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

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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