Magnolia Oil & Gas (NYSE:MGY) Now Covered by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Magnolia Oil & Gas (NYSE:MGY) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued a hold rating and a $33.00 price target on the stock.

MGY has been the subject of a number of other reports. Zacks Research upgraded shares of Magnolia Oil & Gas from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Mizuho set a $30.00 price target on shares of Magnolia Oil & Gas in a report on Friday, February 6th. UBS Group lifted their price objective on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, January 21st. Finally, The Goldman Sachs Group increased their target price on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and an average price target of $29.27.

Magnolia Oil & Gas Stock Up 1.2%

Shares of NYSE MGY opened at $31.29 on Tuesday. Magnolia Oil & Gas has a 12-month low of $19.09 and a 12-month high of $31.66. The stock’s fifty day simple moving average is $26.92 and its two-hundred day simple moving average is $24.34. The stock has a market capitalization of $5.83 billion, a PE ratio of 18.19, a price-to-earnings-growth ratio of 2.79 and a beta of 0.89. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm had revenue of $317.63 million during the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. As a group, analysts expect that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 annualized dividend and a yield of 2.1%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

Insider Buying and Selling

In other news, CEO Christopher G. Stavros sold 119,954 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.29, for a total transaction of $3,513,452.66. Following the transaction, the chief executive officer owned 883,592 shares in the company, valued at $25,880,409.68. This represents a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Timothy D. Yang sold 150,000 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the completion of the transaction, the executive vice president directly owned 526,661 shares of the company’s stock, valued at $15,425,900.69. The trade was a 22.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 338,954 shares of company stock valued at $9,911,733 in the last 90 days. 0.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its holdings in shares of Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after buying an additional 760 shares during the last quarter. Mather Group LLC. purchased a new stake in shares of Magnolia Oil & Gas during the third quarter valued at $31,000. EverSource Wealth Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 165.5% during 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 during the last quarter. Torren Management LLC acquired a new position in shares of Magnolia Oil & Gas in the 4th quarter valued at $38,000. Finally, Parallel Advisors LLC raised its stake in Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after acquiring an additional 785 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

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).