Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $29.00

Magnolia Oil & Gas (NYSE:MGY – Get Rating) had its price objective lifted by stock analysts at Susquehanna from $24.00 to $29.00 in a report issued on Monday, The Fly reports. Susquehanna’s price target would suggest a potential upside of 20.78% from the company’s previous close.

MGY has been the topic of a number of other reports. KeyCorp lifted their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, April 14th. Wells Fargo & Company raised their target price on Magnolia Oil & Gas from $23.00 to $29.00 and gave the company an “equal weight” rating in a research note on Monday, March 14th. Truist Financial raised their target price on Magnolia Oil & Gas from $26.00 to $35.00 in a research note on Thursday. Piper Sandler lifted their price objective on Magnolia Oil & Gas from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, April 7th. Finally, Zacks Investment Research upgraded Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research note on Tuesday, April 12th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Buy” and an average target price of $25.95.

NYSE:MGY opened at $24.01 on Monday. The business’s 50-day moving average price is $23.43 and its two-hundred day moving average price is $21.44. Magnolia Oil & Gas has a twelve month low of $10.67 and a twelve month high of $26.83. The stock has a market cap of $5.44 billion, a P/E ratio of 10.26 and a beta of 2.26. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.37.

Magnolia Oil & Gas (NYSE:MGY – Get Rating) last released its quarterly earnings results on Wednesday, February 16th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.08. Magnolia Oil & Gas had a return on equity of 47.42% and a net margin of 38.85%. The firm had revenue of $332.15 million for the quarter, compared to analysts’ expectations of $326.40 million. During the same quarter last year, the firm posted $0.15 EPS. The company’s revenue was up 120.3% compared to the same quarter last year. On average, equities research analysts expect that Magnolia Oil & Gas will post 4.27 EPS for the current fiscal year.

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,500,000 shares of the firm’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $21.72, for a total transaction of $162,900,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.80% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in Magnolia Oil & Gas during the 4th quarter valued at $95,271,000. Cardinal Capital Management LLC CT purchased a new stake in Magnolia Oil & Gas during the fourth quarter worth $69,815,000. Janus Henderson Group PLC bought a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $55,952,000. First Trust Advisors LP boosted its position in Magnolia Oil & Gas by 185.1% during the fourth quarter. First Trust Advisors LP now owns 2,473,027 shares of the company’s stock valued at $46,666,000 after purchasing an additional 1,605,590 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in Magnolia Oil & Gas by 37.2% in the third quarter. Macquarie Group Ltd. now owns 5,245,308 shares of the company’s stock valued at $93,314,000 after purchasing an additional 1,422,475 shares during the last quarter.

About Magnolia Oil & Gas (Get Rating)

Magnolia Oil & Gas Corporation 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 Field in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.

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