BMO Capital Markets Initiates Coverage on Magnolia Oil & Gas (NYSE:MGY)

Equities research analysts at BMO Capital Markets started coverage on shares of Magnolia Oil & Gas (NYSE:MGY) in a research note issued on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $27.00 price target on the stock. BMO Capital Markets’ price target points to a potential upside of 21.28% from the stock’s previous close.

Several other equities analysts have also issued reports on MGY. UBS Group restated a “buy” rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a report on Friday. Mizuho set a $29.00 price objective on Magnolia Oil & Gas in a research report on Friday, December 12th. KeyCorp set a $29.00 price objective on Magnolia Oil & Gas and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, October 8th. Finally, Piper Sandler lowered their target price on Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, November 18th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.54.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $22.26 on Friday. The business’s 50 day simple moving average is $22.40 and its 200 day simple moving average is $23.22. Magnolia Oil & Gas has a one year low of $19.09 and a one year high of $26.84. The stock has a market capitalization of $4.20 billion, a PE ratio of 12.44, a PEG ratio of 3.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $324.94 million during the quarter, compared to analyst estimates of $322.52 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS. As a group, research analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently added to or reduced their stakes in MGY. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Magnolia Oil & Gas by 236.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,190 shares of the company’s stock worth $27,000 after purchasing an additional 836 shares during the period. Mather Group LLC. bought a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $31,000. Caitong International Asset Management Co. Ltd acquired a new position in Magnolia Oil & Gas during the second quarter worth $30,000. EverSource Wealth Advisors LLC lifted its stake in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after buying an additional 1,051 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).