Magnolia Oil & Gas (NYSE:MGY) Raised to “Equal Weight” at Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) was upgraded by Wells Fargo & Company from a “strong sell” rating to an “equal weight” rating in a report released on Tuesday, Marketbeat reports. The firm presently has a $22.00 target price on the stock, up from their previous target price of $21.00. Wells Fargo & Company‘s target price would indicate a potential downside of 12.78% from the stock’s current price.

MGY has been the topic of several other research reports. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. BMO Capital Markets initiated coverage on shares of Magnolia Oil & Gas in a research note on Friday, January 9th. They issued an “outperform” rating and a $27.00 target price for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Thursday, January 22nd. KeyCorp set a $29.00 price target on shares of Magnolia Oil & Gas and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Citigroup upgraded shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $19.00 to $25.00 in a research report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Hold” and a consensus target price of $26.58.

Magnolia Oil & Gas Trading Up 2.1%

MGY stock opened at $25.22 on Tuesday. The business has a fifty day moving average price of $22.66 and a 200 day moving average price of $23.23. 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 has a fifty-two week low of $19.09 and a fifty-two week high of $26.24. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 4.04 and a beta of 0.92.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, October 29th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.The company had revenue of $324.94 million for the quarter, compared to analysts’ expectations of $322.52 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Analysts expect that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. raised its position in shares of Magnolia Oil & Gas by 12.9% during the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock valued at $266,641,000 after acquiring an additional 1,358,878 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Magnolia Oil & Gas by 4.7% in the third quarter. Dimensional Fund Advisors LP now owns 6,369,713 shares of the company’s stock valued at $152,051,000 after purchasing an additional 283,444 shares during the last quarter. Wellington Management Group LLP lifted its stake in Magnolia Oil & Gas by 2.2% in the third quarter. Wellington Management Group LLP now owns 5,225,168 shares of the company’s stock valued at $124,725,000 after buying an additional 113,458 shares during the period. Geode Capital Management LLC boosted its holdings in Magnolia Oil & Gas by 5.6% during the second quarter. Geode Capital Management LLC now owns 4,531,855 shares of the company’s stock worth $101,895,000 after buying an additional 238,356 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Magnolia Oil & Gas by 55.7% during the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after buying an additional 1,601,809 shares during the period. 94.73% of the stock is owned by institutional investors.

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).