Magnolia Oil & Gas (NYSE:MGY) Given New $31.00 Price Target at Truist Financial

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by investment analysts at Truist Financial from $35.00 to $31.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 27.26% from the company’s previous close.

MGY has been the topic of several other reports. Bank of America increased their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Piper Sandler decreased their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Wolfe Research started coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Finally, Mizuho dropped their price objective on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.64.

Magnolia Oil & Gas Price Performance

NYSE:MGY traded up $0.09 during midday trading on Monday, hitting $24.36. 234,933 shares of the stock were exchanged, compared to its average volume of 2,624,627. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 1.27 and a beta of 2.00. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.63. The business has a 50-day moving average price of $24.94 and a two-hundred day moving average price of $25.31. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. Sell-side analysts predict that Magnolia Oil & Gas will post 2.04 EPS for the current year.

Insider Buying and Selling at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.20% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently made changes to their positions in MGY. Mather Group LLC. acquired a new position in Magnolia Oil & Gas in the first quarter valued at approximately $27,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas during the second quarter worth approximately $26,000. GAMMA Investing LLC raised its stake in shares of Magnolia Oil & Gas by 184.4% during the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after purchasing an additional 1,042 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Magnolia Oil & Gas during the first quarter worth approximately $50,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

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.