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

Magnolia Oil & Gas (NYSE:MGY) had its target price lifted by Citigroup from $29.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts also recently weighed in on MGY. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Wednesday, January 21st. Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and increased their price target for the company from $26.00 to $28.00 in a research note on Friday, January 16th. Truist Financial began coverage on Magnolia Oil & Gas in a report on Tuesday, March 24th. They issued a “hold” rating and a $33.00 price target for the company. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a research note on Friday, February 6th. Finally, Wells Fargo & Company set a $25.00 price objective on shares of Magnolia Oil & Gas in a report on Monday, February 16th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.82.

Magnolia Oil & Gas Price Performance

Shares of MGY opened at $31.52 on Tuesday. The company has a market cap of $5.88 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 2.25 and a beta of 0.89. Magnolia Oil & Gas has a twelve month low of $19.09 and a twelve month high of $32.76. 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 company has a 50 day moving average of $27.85 and a two-hundred day moving average of $24.63.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly 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. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The business had revenue of $317.63 million for the quarter, compared to the consensus estimate of $322.18 million. During the same period in the prior year, the firm posted $0.44 earnings per share. The business’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, analysts predict that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

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

Insider Buying and Selling

In related news, CEO Christopher G. Stavros sold 119,954 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.29, for a total value of $3,513,452.66. Following the completion of the transaction, the chief executive officer owned 883,592 shares in the company, valued at $25,880,409.68. This trade represents a 11.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dan F. Smith sold 18,000 shares of Magnolia Oil & Gas stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $29.01, for a total value of $522,180.00. Following the sale, the director directly owned 119,204 shares of the company’s stock, valued at approximately $3,458,108.04. This represents a 13.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 338,954 shares of company stock worth $9,911,733 over the last three months. Corporate insiders own 0.93% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in shares of Magnolia Oil & Gas by 77.7% in the first quarter. AQR Capital Management LLC now owns 56,346 shares of the company’s stock worth $1,423,000 after acquiring an additional 24,631 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Magnolia Oil & Gas by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,109 shares of the company’s stock worth $2,605,000 after purchasing an additional 4,512 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Magnolia Oil & Gas by 8.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,880 shares of the company’s stock valued at $6,135,000 after purchasing an additional 18,447 shares during the period. Intech Investment Management LLC lifted its position in Magnolia Oil & Gas by 11.3% during the first quarter. Intech Investment Management LLC now owns 68,814 shares of the company’s stock valued at $1,738,000 after purchasing an additional 7,008 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Magnolia Oil & Gas by 23.9% in the second quarter. Franklin Resources Inc. now owns 109,039 shares of the company’s stock valued at $2,451,000 after purchasing an additional 21,061 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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).