Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $28.00

Magnolia Oil & Gas (NYSE:MGY) had its target price boosted by Piper Sandler from $26.00 to $28.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

MGY has been the topic of several other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnolia Oil & Gas in a research note on Thursday, January 22nd. Wells Fargo & Company set a $25.00 target price on Magnolia Oil & Gas in a research note on Monday, February 16th. KeyCorp lifted their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a research note on Friday, February 6th. Finally, The Goldman Sachs Group increased their price target on Magnolia Oil & Gas from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus target price of $28.18.

Magnolia Oil & Gas Stock Up 0.2%

Shares of NYSE:MGY opened at $29.24 on Thursday. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 17.00 and a beta of 0.89. The company has a 50 day moving average of $25.04 and a two-hundred day moving average of $23.88. Magnolia Oil & Gas has a 52-week low of $19.09 and a 52-week 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.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. 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 earnings per share. As a group, analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share 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. Shareholders of record on Tuesday, February 10th were issued 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 2.3%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted 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 last quarter. Salomon & Ludwin LLC increased its holdings in Magnolia Oil & Gas by 130.1% in the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after buying an additional 760 shares during the last quarter. Mather Group LLC. acquired a new stake in Magnolia Oil & Gas during the third quarter valued at approximately $31,000. EverSource Wealth Advisors LLC raised its stake in 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 in the last quarter. Finally, Torren Management LLC bought a new position in Magnolia Oil & Gas during the 4th quarter worth approximately $38,000. 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).