Magnolia Oil & Gas (NYSE:MGY) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a strong sell rating to an equal weight rating in a report published on Tuesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $22.00 price target on the stock, up from their prior price target of $21.00.

Other research analysts have also recently issued reports about the company. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. Mizuho set a $29.00 price objective on Magnolia Oil & Gas in a research note on Friday, December 12th. Citigroup raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and raised their target price for the company from $19.00 to $25.00 in a research note on Wednesday, January 14th. UBS Group restated a “buy” rating and set a $29.00 target price on shares of Magnolia Oil & Gas in a report on Friday, January 9th. Finally, Piper Sandler cut 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. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus price target of $26.58.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $25.53 on Tuesday. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 4.17 and a beta of 0.92. Magnolia Oil & Gas has a 12 month low of $19.09 and a 12 month high of $26.48. The firm has a fifty day simple moving average of $22.73 and a 200 day simple moving average of $23.25. 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 (NYSE:MGY) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $324.94 million for the quarter, compared to analysts’ expectations of $322.52 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. Research analysts forecast that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Magnolia Oil & Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th will be issued a dividend of $0.165 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.66 annualized dividend and a yield of 2.6%. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. Magnolia Oil & Gas’s payout ratio is 33.52%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently modified their holdings of the stock. TD Asset Management Inc boosted its holdings in shares of Magnolia Oil & Gas by 55.7% during the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock worth $106,898,000 after buying an additional 1,601,809 shares during the period. Epoch Investment Partners Inc. lifted its position in Magnolia Oil & Gas by 58.7% during the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock worth $98,789,000 after acquiring an additional 1,531,061 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Magnolia Oil & Gas by 12.9% during the second quarter. American Century Companies Inc. now owns 11,861,231 shares of the company’s stock worth $266,641,000 after acquiring an additional 1,358,878 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Magnolia Oil & Gas by 192.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock worth $33,449,000 after acquiring an additional 921,970 shares during the period. Finally, Boston Trust Walden Corp grew its position in shares of Magnolia Oil & Gas by 26.0% in the second quarter. Boston Trust Walden Corp now owns 4,003,770 shares of the company’s stock valued at $90,005,000 after purchasing an additional 825,162 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

More Magnolia Oil & Gas News

Here are the key news stories impacting Magnolia Oil & Gas this week:

• Positive Sentiment: Board approved a quarterly dividend of $0.165 per share (annualized yield ~2.6%), payable Mar 2 to holders of record Feb 10; this is a 10% increase versus the prior quarterly payout, signaling cash-return focus and supporting income investor demand. Magnolia Oil & Gas Announces 10 Percent Dividend Increase
• Positive Sentiment: Wells Fargo upgraded MGY from “strong sell” to “equal weight,” which may reduce selling pressure and attract investors who had been avoiding the name, although the new $22 price target remains below the stock’s current level (reflecting some caution). Wells Fargo upgrades Magnolia Oil & Gas (MGY)
• Neutral Sentiment: MGY is expected to report quarterly results this week; the scheduled earnings release is a short-term catalyst that could drive volatility depending on production, commodity prices and capital allocation details. Magnolia Oil & Gas (MGY) Expected to Announce Earnings on Thursday
• Negative Sentiment: Analyst preview coverage (Zacks) warns MGY lacks the key drivers for an earnings beat and expects Q4 EPS to decline, which raises the risk of a negative reaction if results or guidance come in soft. Earnings Preview: Magnolia Oil & Gas Corp (MGY) Q4 Earnings Expected to Decline

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).