Wells Fargo & Company Issues Pessimistic Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its target price lowered by equities researchers at Wells Fargo & Company from $22.00 to $21.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential downside of 12.20% from the company's current price.

Other equities research analysts also recently issued research reports about the stock. Williams Trading set a $29.00 target price on shares of Magnolia Oil & Gas in a research note on Wednesday, March 5th. Citigroup lowered their price objective on shares of Magnolia Oil & Gas from $22.00 to $19.00 and set a "sell" rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their price objective on shares of Magnolia Oil & Gas from $28.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. UBS Group increased their target price on Magnolia Oil & Gas from $26.00 to $29.00 and gave the stock a "buy" rating in a report on Friday. Finally, Piper Sandler cut their price target on Magnolia Oil & Gas from $25.00 to $24.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Magnolia Oil & Gas has an average rating of "Hold" and an average target price of $27.00.

Magnolia Oil & Gas Price Performance

Shares of MGY traded down $0.30 during mid-day trading on Monday, hitting $23.92. 657,890 shares of the company traded hands, compared to its average volume of 2,292,289. The company has a current ratio of 1.42, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average of $21.75 and a 200 day moving average of $23.40. Magnolia Oil & Gas has a one year low of $19.09 and a one year high of $29.02. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 3.01 and a beta of 1.29.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.02. The company had revenue of $350.30 million during the quarter, compared to the consensus estimate of $337.83 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts expect that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC raised its stake in Magnolia Oil & Gas by 112.3% during the fourth quarter. Larson Financial Group LLC now owns 1,072 shares of the company's stock worth $25,000 after acquiring an additional 567 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in Magnolia Oil & Gas in the first quarter valued at about $30,000. Quarry LP raised its holdings in Magnolia Oil & Gas by 1,047.8% in the 4th quarter. Quarry LP now owns 2,135 shares of the company's stock valued at $50,000 after buying an additional 1,949 shares during the last quarter. Parallel Advisors LLC grew its holdings in Magnolia Oil & Gas by 122.8% during the 1st quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after acquiring an additional 1,272 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Magnolia Oil & Gas by 95.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,777 shares of the company's stock valued at $88,000 after acquiring an additional 1,844 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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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