Magnolia Oil & Gas (NYSE:MGY) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Magnolia Oil & Gas (NYSE:MGY) in a research report sent to investors on Wednesday morning, Briefing.com reports. The firm issued an equal weight rating and a $23.00 price target on the stock.

Several other equities analysts have also recently weighed in on the stock. Mizuho raised their target price on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a neutral rating in a research note on Wednesday, September 6th. Citigroup cut their price target on Magnolia Oil & Gas from $25.00 to $24.00 and set a neutral rating for the company in a report on Monday, October 9th. Finally, Truist Financial raised their price target on Magnolia Oil & Gas from $27.00 to $29.00 and gave the company a buy rating in a report on Wednesday, September 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of Moderate Buy and a consensus target price of $26.67.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $21.68 on Wednesday. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 7.97 and a beta of 2.06. The firm’s 50 day simple moving average is $22.47 and its 200 day simple moving average is $21.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.65 and a quick ratio of 2.65. Magnolia Oil & Gas has a fifty-two week low of $18.72 and a fifty-two week high of $26.78.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, November 1st. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Magnolia Oil & Gas had a return on equity of 25.75% and a net margin of 41.62%. The business had revenue of $315.68 million during the quarter, compared to analysts’ expectations of $318.30 million. During the same period in the prior year, the business earned $1.29 EPS. Magnolia Oil & Gas’s revenue for the quarter was down 34.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Magnolia Oil & Gas will post 2.16 earnings per share for the current year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 9th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, November 8th. Magnolia Oil & Gas’s payout ratio is currently 16.91%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tucker Asset Management LLC bought a new position in shares of Magnolia Oil & Gas in the first quarter worth $27,000. Independence Bank of Kentucky bought a new position in shares of Magnolia Oil & Gas in the second quarter worth $51,000. State of Wyoming increased its position in shares of Magnolia Oil & Gas by 38.8% in the second quarter. State of Wyoming now owns 2,552 shares of the company’s stock worth $53,000 after purchasing an additional 713 shares during the period. Parallel Advisors LLC grew its position in Magnolia Oil & Gas by 246.3% in the first quarter. Parallel Advisors LLC now owns 2,493 shares of the company’s stock valued at $55,000 after acquiring an additional 1,773 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in Magnolia Oil & Gas by 42.4% in the first quarter. Captrust Financial Advisors now owns 3,608 shares of the company’s stock valued at $85,000 after acquiring an additional 1,075 shares during the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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 area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.