Truist Financial Upgrades Magnolia Oil & Gas (NYSE:MGY) to Buy

Key Points

• Truist Financial upgraded Magnolia Oil & Gas from “hold” to “buy” and raised its price target to $33 from $32, implying 37.41% potential upside.
• Analyst sentiment is moderately bullish, with nine “buy” ratings and eight “hold” ratings; the consensus price target is $31.50.
• Magnolia reported quarterly EPS of $0.54, beating the $0.51 estimate, while revenue of $358.51 million also exceeded expectations. Institutional investors own 94.73% of the company.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) was upgraded by equities researchers at Truist Financial from a "hold" rating to a "buy" rating in a report released on Tuesday, Marketbeat Ratings reports. The firm presently has a $33.00 target price on the stock, up from their prior target price of $32.00. Truist Financial's target price points to a potential upside of 37.41% from the stock's current price.

Several other research analysts have also recently issued reports on the stock. UBS Group lowered their target price on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a "buy" rating for the company in a report on Friday, July 10th. Mizuho reduced their price target on shares of Magnolia Oil & Gas from $35.00 to $33.00 and set an "outperform" rating for the company in a research report on Wednesday, July 22nd. Citigroup dropped their price objective on Magnolia Oil & Gas from $35.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, April 13th. Wells Fargo & Company reduced their target price on Magnolia Oil & Gas from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, May 13th. Finally, KeyCorp restated an "overweight" rating on shares of Magnolia Oil & Gas in a research note on Monday, June 29th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

Magnolia Oil & Gas Trading Down 5.2%

MGY opened at $24.02 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76. The company has a market cap of $4.44 billion, a P/E ratio of 13.96 and a beta of 0.70. The business's 50-day simple moving average is $26.91 and its 200-day simple moving average is $27.48.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The firm's quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, equities research analysts expect that Magnolia Oil & Gas will post 2.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Salomon & Ludwin LLC lifted 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 worth $29,000 after acquiring an additional 760 shares during the period. Valued Wealth Advisors LLC acquired a new stake in Magnolia Oil & Gas in the first quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its holdings in 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. Torren Management LLC acquired a new position in Magnolia Oil & Gas during the 4th quarter worth approximately $38,000. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Magnolia Oil & Gas during the 2nd quarter worth approximately $39,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

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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