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

Bank of America upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a neutral rating to a buy rating in a research note published on Friday, Marketbeat Ratings reports. Bank of America currently has $28.00 price objective on the stock, up from their previous price objective of $26.00.

A number of other equities research analysts have also commented on the stock. UBS Group restated a “buy” rating and set a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Friday, January 9th. Citigroup upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and boosted their target price for the company from $19.00 to $25.00 in a research note on Wednesday. Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, November 18th. BMO Capital Markets assumed coverage on shares of Magnolia Oil & Gas in a report on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective on the stock. Finally, Zacks Research cut shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.67.

Magnolia Oil & Gas Trading Up 0.5%

NYSE MGY opened at $22.60 on Friday. The firm has a market cap of $4.26 billion, a P/E ratio of 12.63, a P/E/G ratio of 3.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. The stock’s 50-day moving average is $22.47 and its 200-day moving average is $23.20. Magnolia Oil & Gas has a one year low of $19.09 and a one year 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 the consensus estimate of $0.41. The business had revenue of $324.94 million during the quarter, compared to analyst estimates of $322.52 million. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.Magnolia Oil & Gas’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. Sell-side analysts anticipate that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 10th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date was Monday, November 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 33.52%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds have recently added to or reduced their stakes in MGY. Campbell & CO Investment Adviser LLC boosted its position in Magnolia Oil & Gas by 325.0% in the second quarter. Campbell & CO Investment Adviser LLC now owns 214,211 shares of the company’s stock worth $4,815,000 after purchasing an additional 163,804 shares during the last quarter. Phocas Financial Corp. grew its position in Magnolia Oil & Gas by 69.0% during the second quarter. Phocas Financial Corp. now owns 189,378 shares of the company’s stock valued at $4,257,000 after buying an additional 77,327 shares during the period. American Century Companies Inc. increased its stake in shares of Magnolia Oil & Gas by 12.9% in the 2nd quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock worth $266,641,000 after purchasing an additional 1,358,878 shares in the last quarter. Nordea Investment Management AB increased its position in Magnolia Oil & Gas by 1.0% in the second quarter. Nordea Investment Management AB now owns 444,636 shares of the company’s stock worth $10,062,000 after buying an additional 4,372 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Magnolia Oil & Gas by 6.1% during the 2nd quarter. Exchange Traded Concepts LLC now owns 47,988 shares of the company’s stock valued at $1,079,000 after acquiring an additional 2,758 shares during the period. Institutional investors and hedge funds 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).