Magnolia Oil & Gas (NYSE:MGY) Sets New 12-Month High Following Analyst Upgrade

Magnolia Oil & Gas Co. (NYSE:MGY)’s share price reached a new 52-week high during trading on Thursday after KeyCorp raised their price target on the stock from $20.00 to $22.00. KeyCorp currently has an overweight rating on the stock. Magnolia Oil & Gas traded as high as $20.66 and last traded at $20.44, with a volume of 2996 shares changing hands. The stock had previously closed at $20.27.

MGY has been the topic of several other reports. Piper Sandler increased their price objective on Magnolia Oil & Gas from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. Citigroup raised their target price on Magnolia Oil & Gas from $14.00 to $15.50 and gave the stock a “neutral” rating in a research report on Thursday, July 22nd. TheStreet raised Magnolia Oil & Gas from a “c” rating to a “b-” rating in a research report on Tuesday, August 3rd. Truist Financial raised Magnolia Oil & Gas to a “buy” rating and set a $21.00 target price on the stock in a research report on Monday, August 30th. Finally, Evercore ISI assumed coverage on Magnolia Oil & Gas in a research report on Monday, August 2nd. They issued an “outperform” rating and a $18.00 target price on the stock. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $17.88.

In related news, CEO Stephen I. Chazen bought 50,000 shares of the stock in a transaction dated Thursday, August 5th. The shares were purchased at an average price of $14.12 per share, for a total transaction of $706,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Walker sold 7,500,000 shares of the company’s stock in a transaction dated Tuesday, September 28th. The stock was sold at an average price of $16.38, for a total value of $122,850,000.00. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. raised its holdings in Magnolia Oil & Gas by 233,998.8% in the 2nd quarter. Macquarie Group Ltd. now owns 3,822,833 shares of the company’s stock worth $59,751,000 after purchasing an additional 3,821,200 shares during the period. Goldman Sachs Group Inc. raised its holdings in Magnolia Oil & Gas by 359.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,003,611 shares of the company’s stock worth $62,577,000 after purchasing an additional 3,131,603 shares during the period. Capital International Investors acquired a new position in Magnolia Oil & Gas in the 1st quarter worth about $22,960,000. Royal Bank of Canada raised its holdings in Magnolia Oil & Gas by 586.0% in the 1st quarter. Royal Bank of Canada now owns 1,181,931 shares of the company’s stock worth $13,568,000 after purchasing an additional 1,009,629 shares during the period. Finally, Millennium Management LLC raised its holdings in Magnolia Oil & Gas by 165.7% in the 2nd quarter. Millennium Management LLC now owns 1,487,353 shares of the company’s stock worth $23,247,000 after purchasing an additional 927,512 shares during the period. Hedge funds and other institutional investors own 76.56% of the company’s stock.

The business has a fifty day simple moving average of $16.21 and a 200 day simple moving average of $14.28. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 17.27 and a beta of 2.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.86 and a quick ratio of 1.86.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Sunday, August 1st. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.15. Magnolia Oil & Gas had a return on equity of 23.92% and a net margin of 25.33%. The business had revenue of $250.73 million during the quarter, compared to analysts’ expectations of $229.42 million. On average, research analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

The company also recently announced a Semi-Annual dividend, which was paid on Wednesday, September 1st. Shareholders of record on Thursday, August 12th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This represents a dividend yield of 1.15%. Magnolia Oil & Gas’s payout ratio is currently -800.00%.

Magnolia Oil & Gas Company Profile (NYSE:MGY)

Magnolia Oil & Gas Corp. engages in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.

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