Truist Financial Initiates Coverage on Magnolia Oil & Gas (NYSE:MGY)

Investment analysts at Truist Financial began coverage on shares of Magnolia Oil & Gas (NYSE:MGY) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $33.00 price target on the stock. Truist Financial’s target price would indicate a potential upside of 4.96% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. Wells Fargo & Company set a $25.00 price target on Magnolia Oil & Gas in a research report on Monday, February 16th. Piper Sandler increased their price objective on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. KeyCorp lifted their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Finally, Siebert Williams Shank lowered Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Friday, March 6th. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.27.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $31.44 on Tuesday. The firm’s fifty day simple moving average is $27.09 and its 200-day simple moving average is $24.39. Magnolia Oil & Gas has a 12 month low of $19.09 and a 12 month high of $31.66. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 2.61 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $317.63 million during the quarter, compared to analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a net margin of 24.79% and a return on equity of 16.67%. Magnolia Oil & Gas’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 EPS. As a group, equities analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Insider Activity

In other Magnolia Oil & Gas news, EVP Timothy D. Yang sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total transaction of $4,393,500.00. Following the transaction, the executive vice president owned 526,661 shares in the company, valued at approximately $15,425,900.69. The trade was a 22.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward P. Djerejian sold 18,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $28.98, for a total value of $521,640.00. Following the transaction, the director directly owned 110,425 shares of the company’s stock, valued at approximately $3,200,116.50. This trade represents a 14.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 338,954 shares of company stock valued at $9,911,733 over the last ninety days. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of Magnolia Oil & Gas by 34.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 858,972 shares of the company’s stock worth $20,504,000 after purchasing an additional 221,920 shares during the period. TD Asset Management Inc increased its holdings in shares of Magnolia Oil & Gas by 55.7% in the 3rd quarter. TD Asset Management Inc now owns 4,478,361 shares of the company’s stock valued at $106,898,000 after purchasing an additional 1,601,809 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Magnolia Oil & Gas by 4.4% in the third quarter. Bessemer Group Inc. now owns 912,526 shares of the company’s stock valued at $21,781,000 after purchasing an additional 38,502 shares during the period. Heartland Advisors Inc. lifted its stake in shares of Magnolia Oil & Gas by 92.1% in the third quarter. Heartland Advisors Inc. now owns 576,290 shares of the company’s stock valued at $13,756,000 after purchasing an additional 276,290 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Magnolia Oil & Gas by 16,251.3% during the third quarter. Pacer Advisors Inc. now owns 626,745 shares of the company’s stock worth $14,960,000 after buying an additional 622,912 shares in the last quarter. 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).