Magnolia Oil & Gas (NYSE:MGY) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Magnolia Oil & Gas (NYSE:MGY) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on MGY. UBS Group boosted their target price on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a research report on Friday, March 6th. Citigroup dropped their target price on shares of Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Finally, KeyCorp boosted their target price on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Hold” and an average target price of $31.00.

Magnolia Oil & Gas Stock Down 1.5%

Shares of Magnolia Oil & Gas stock opened at $29.72 on Tuesday. The stock’s 50-day moving average is $29.78 and its 200 day moving average is $26.01. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 17.28 and a beta of 0.75. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $358.51 million for the quarter, compared to analyst estimates of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 earnings per share. Equities research analysts anticipate that Magnolia Oil & Gas will post 2.91 EPS for the current year.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Tuesday, May 12th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, May 12th. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Insider Buying and Selling at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, CFO Brian Corales sold 33,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $29.12, for a total transaction of $960,960.00. Following the completion of the sale, the chief financial officer owned 184,178 shares in the company, valued at approximately $5,363,263.36. The trade was a 15.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Timothy D. Yang sold 150,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the sale, the executive vice president owned 526,661 shares of the company’s stock, valued at $15,425,900.69. This trade represents a 22.17% 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 in the last ninety days. 0.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnolia Oil & Gas

Hedge funds and other institutional investors have recently bought and sold shares of the business. Salomon & Ludwin LLC increased its stake in Magnolia Oil & Gas by 130.1% during the 4th quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock valued at $29,000 after purchasing an additional 760 shares in the last quarter. Valued Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at $29,000. EverSource Wealth Advisors LLC increased its stake in Magnolia Oil & Gas by 165.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after purchasing an additional 864 shares in the last quarter. Torren Management LLC bought a new stake in Magnolia Oil & Gas during the 4th quarter valued at $38,000. Finally, Parallel Advisors LLC increased its stake in Magnolia Oil & Gas by 79.8% during the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after purchasing an additional 785 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

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).