Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $35.00

Magnolia Oil & Gas (NYSE:MGY) had its price target raised by UBS Group from $29.00 to $35.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently weighed in on the company. BMO Capital Markets began coverage on Magnolia Oil & Gas in a report on Friday, January 9th. They set an “outperform” rating and a $27.00 price target on the stock. The Goldman Sachs Group raised their price objective on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnolia Oil & Gas in a research report on Thursday, January 22nd. Piper Sandler boosted their target price on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Finally, Citigroup upped their price target on shares of Magnolia Oil & Gas from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $28.18.

Magnolia Oil & Gas Trading Up 0.2%

NYSE MGY opened at $29.24 on Thursday. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 17.00 and a beta of 0.89. Magnolia Oil & Gas has a twelve month low of $19.09 and a twelve month high of $29.69. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.20. The business’s fifty day moving average is $25.04 and its 200 day moving average is $23.88.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $317.63 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $0.44 EPS. As a group, sell-side analysts expect that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Tuesday, February 10th were given a dividend of $0.165 per share. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.3%. Magnolia Oil & Gas’s payout ratio is currently 38.37%.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC increased its holdings in shares of Magnolia Oil & Gas by 325.0% during the second quarter. Campbell & CO Investment Adviser LLC now owns 214,211 shares of the company’s stock valued at $4,815,000 after acquiring an additional 163,804 shares in the last quarter. Phocas Financial Corp. raised its position in shares of Magnolia Oil & Gas by 69.0% during the second quarter. Phocas Financial Corp. now owns 189,378 shares of the company’s stock worth $4,257,000 after purchasing an additional 77,327 shares during the period. American Century Companies Inc. lifted its holdings in shares of Magnolia Oil & Gas by 12.9% in the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock worth $266,641,000 after purchasing an additional 1,358,878 shares in the last quarter. TimesSquare Capital Management LLC grew its position in Magnolia Oil & Gas by 1.9% in the 2nd quarter. TimesSquare Capital Management LLC now owns 691,959 shares of the company’s stock valued at $15,555,000 after purchasing an additional 12,638 shares during the period. Finally, Intech Investment Management LLC grew its position in Magnolia Oil & Gas by 16.3% in the 2nd quarter. Intech Investment Management LLC now owns 80,021 shares of the company’s stock valued at $1,799,000 after purchasing an additional 11,207 shares during the period. 94.73% of the stock is owned by institutional investors.

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).