Magnolia Oil & Gas (NYSE:MGY) Upgraded to Buy at Bank of America

Magnolia Oil & Gas (NYSE:MGY) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday,Finviz reports. The firm presently has a $28.00 price objective on the stock. Bank of America‘s target price suggests a potential upside of 24.70% from the stock’s previous close.

Several other brokerages have also issued reports on MGY. 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. Citigroup upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $19.00 to $25.00 in a report on Wednesday. UBS Group restated a “buy” rating and issued a $29.00 price target on shares of Magnolia Oil & Gas in a report on Friday, January 9th. Zacks Research lowered Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research report on Monday. Finally, Mizuho set a $29.00 price objective on Magnolia Oil & Gas in a research report on Friday, December 12th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $26.67.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $22.45 on Friday. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 3.48 and a beta of 0.92. The firm’s 50 day simple moving average is $22.46 and its 200 day simple moving average is $23.20. 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 $26.84.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $324.94 million during the quarter, compared to analysts’ expectations of $322.52 million. During the same quarter in the previous year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Hedge Funds Weigh In On Magnolia Oil & Gas

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