Magnolia Oil & Gas (NYSE:MGY) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks reports.

A number of other analysts have also recently weighed in on the company. Truist Financial raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and boosted their price target for the stock from $32.00 to $33.00 in a research report on Tuesday, July 28th. KeyCorp reissued an “overweight” rating and set a $38.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, August 12th. Seaport Research Partners started coverage on Magnolia Oil & Gas in a research note on Thursday, September 3rd. They issued a “neutral” rating on the stock. Mizuho upgraded Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Finally, UBS Group decreased their target price on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.71.

Magnolia Oil & Gas Stock Up 3.2%

Magnolia Oil & Gas stock opened at $28.51 on Monday. The company has a market capitalization of $6.76 billion, a P/E ratio of 12.51 and a beta of 0.70. The firm’s fifty day simple moving average is $26.33 and its 200-day simple moving average is $27.86. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. The business had revenue of $478.81 million during the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. Magnolia Oil & Gas’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS. Sell-side analysts forecast that Magnolia Oil & Gas will post 2.91 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 Tuesday, September 1st. Investors of record on Monday, August 10th were issued a $0.18 dividend. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. The ex-dividend date was Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 2.5%. Magnolia Oil & Gas’s payout ratio is 31.58%.

Insiders Place Their Bets

In other news, Director David Khani bought 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the transaction, the director directly owned 30,622 shares in the company, valued at approximately $765,550. The trade was a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of institutional investors have recently made changes to their positions in the business. Valued Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at approximately $29,000. Harbor Investment Advisory LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter worth approximately $39,000. Ancora Advisors LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter worth approximately $51,000. Versant Capital Management Inc lifted its holdings in shares of Magnolia Oil & Gas by 96.9% during the second quarter. Versant Capital Management Inc now owns 2,257 shares of the company’s stock worth $58,000 after buying an additional 1,111 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Magnolia Oil & Gas during the second quarter worth approximately $72,000. 94.73% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent energy company engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in the South Texas region of the United States.

Magnolia primarily develops assets in the Giddings Field, which spans parts of Gonzales and Fayette counties in Texas. Its acreage targets formations including the Eagle Ford Shale and the Austin Chalk, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was established in 2017 through a combination involving South Texas oil and gas assets and became a publicly traded company in 2018.