Magnolia Oil & Gas (NYSE:MGY) Price Target Cut to $23.00 by Analysts at Piper Sandler

Magnolia Oil & Gas (NYSE:MGY) had its target price cut by research analysts at Piper Sandler from $25.00 to $23.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 2.54% from the company’s current price.

A number of other equities research analysts have also recently issued reports on MGY. KeyCorp set a $29.00 price objective on Magnolia Oil & Gas and gave the company an “overweight” rating in a research note on Wednesday, October 15th. William Blair assumed coverage on Magnolia Oil & Gas in a report on Monday, August 25th. They set an “outperform” rating for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Wednesday, October 8th. Finally, Mizuho boosted their price objective on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average price target of $26.25.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY traded up $0.11 during midday trading on Tuesday, reaching $22.43. The company had a trading volume of 568,384 shares, compared to its average volume of 2,557,149. The stock has a market cap of $4.23 billion, a P/E ratio of 12.52, a P/E/G ratio of 3.11 and a beta of 1.18. The company’s 50 day moving average price is $23.35 and its 200 day moving average price is $23.26. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a 52-week low of $19.09 and a 52-week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. The business had revenue of $324.94 million during the quarter, compared to the consensus estimate of $322.52 million. During the same quarter last year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of large investors have recently bought and sold shares of MGY. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 valued at $27,000 after acquiring an additional 836 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Magnolia Oil & Gas during the 2nd quarter valued at about $30,000. Mather Group LLC. purchased a new position in Magnolia Oil & Gas during the 3rd quarter valued at about $31,000. EverSource Wealth Advisors LLC lifted its holdings in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Magnolia Oil & Gas by 90.5% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after buying an additional 1,051 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.