Piper Sandler Forecasts Strong Price Appreciation for Magnolia Oil & Gas (NYSE:MGY) Stock

Key Points

• Piper Sandler raised its price target on Magnolia Oil & Gas from $26 to $28 but kept a "neutral" rating, leaving the target roughly 4.5% below the stock's recent close.
• Analyst coverage is mixed-to-positive with eight Buy and eight Hold ratings producing a consensus of Moderate Buy and an average price target of $28.18, while some firms have targets as high as $30.
• Recent fundamentals show a slight EPS beat (quarterly EPS $0.37 vs. $0.36 est.), revenue down 2.8% year-over-year, a 24.8% net margin, and very high institutional ownership at 94.73%.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its target price upped by Piper Sandler from $26.00 to $28.00 in a report released on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Piper Sandler's price target would indicate a potential downside of 4.50% from the company's previous close.

MGY has been the subject of a number of other reports. BMO Capital Markets initiated coverage on Magnolia Oil & Gas in a report on Friday, January 9th. They issued an "outperform" rating and a $27.00 price objective for the company. Benchmark reaffirmed a "hold" rating on shares of Magnolia Oil & Gas in a research note on Wednesday, January 21st. Roth Mkm reissued a "buy" rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 10th. Citigroup boosted their price objective on shares of Magnolia Oil & Gas from $25.00 to $29.00 and gave the stock a "neutral" rating in a report on Wednesday, February 18th. Finally, KeyCorp increased their target price on shares of Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, February 9th. Eight investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas has a consensus rating of "Moderate Buy" and an average target price of $28.18.

Magnolia Oil & Gas Price Performance

MGY stock traded up $0.72 during midday trading on Thursday, reaching $29.32. The company had a trading volume of 798,505 shares, compared to its average volume of 3,068,376. The firm has a 50-day moving average price of $24.74 and a 200-day moving average price of $23.79. The company has a market capitalization of $5.47 billion, a P/E ratio of 17.05 and a beta of 0.89. Magnolia Oil & Gas has a 1 year low of $19.09 and a 1 year high of $29.37. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. The company had revenue of $317.63 million during the quarter, compared to the consensus estimate of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. The firm's revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. On average, research analysts anticipate that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in shares of Magnolia Oil & Gas by 12.9% in the second quarter. American Century Companies Inc. now owns 11,861,231 shares of the company's stock worth $266,641,000 after acquiring an additional 1,358,878 shares during the period. State Street Corp increased its position in shares of Magnolia Oil & Gas by 1.4% during the 4th quarter. State Street Corp now owns 8,800,807 shares of the company's stock valued at $192,650,000 after purchasing an additional 125,707 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Magnolia Oil & Gas by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,634,362 shares of the company's stock valued at $145,230,000 after acquiring an additional 264,649 shares during the period. TD Asset Management Inc lifted its stake in Magnolia Oil & Gas by 26.6% in the fourth quarter. TD Asset Management Inc now owns 5,671,819 shares of the company's stock worth $124,156,000 after purchasing an additional 1,193,458 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its holdings in Magnolia Oil & Gas by 28.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 5,330,064 shares of the company's stock valued at $116,675,000 after acquiring an additional 1,191,438 shares during the period. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Company Profile

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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