Bank of America Reiterates Neutral Rating for Magnolia Oil & Gas (NYSE:MGY)

Bank of America restated their neutral rating on shares of Magnolia Oil & Gas (NYSE:MGY) in a research note issued to investors on Monday, Marketbeat reports. The firm currently has a $28.00 price target on the stock, down from their prior price target of $29.00.

MGY has been the subject of a number of other reports. Wells Fargo & Company downgraded Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Mizuho boosted their price target on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Finally, Piper Sandler cut their price target on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $26.53 on Monday. Magnolia Oil & Gas has a 52 week low of $19.16 and a 52 week high of $29.02. The company has a fifty day simple moving average of $25.63 and a two-hundred day simple moving average of $25.51. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.29 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million during the quarter, compared to analysts’ expectations of $331.45 million. As a group, equities analysts anticipate that Magnolia Oil & Gas will post 2 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.74%.

Institutional Trading of Magnolia Oil & Gas

Large investors have recently made changes to their positions in the company. State Street Corp increased its position in Magnolia Oil & Gas by 4.2% during the third quarter. State Street Corp now owns 10,700,257 shares of the company’s stock worth $261,300,000 after buying an additional 435,326 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Magnolia Oil & Gas by 16.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock valued at $114,554,000 after acquiring an additional 627,933 shares during the period. Geode Capital Management LLC raised its position in Magnolia Oil & Gas by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,107,769 shares of the company’s stock valued at $100,332,000 after purchasing an additional 116,431 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Magnolia Oil & Gas by 1.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,061,846 shares of the company’s stock valued at $74,770,000 after purchasing an additional 50,351 shares during the last quarter. Finally, Systematic Financial Management LP boosted its stake in Magnolia Oil & Gas by 7.5% during the 3rd quarter. Systematic Financial Management LP now owns 2,920,018 shares of the company’s stock worth $71,307,000 after purchasing an additional 203,514 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.