Magnolia Oil & Gas (NYSE:MGY) Price Target Raised to $38.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective increased by KeyCorp from $30.00 to $38.00 in a report published on Thursday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

MGY has been the topic of a number of other reports. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Wednesday, January 21st. UBS Group increased their price target on Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. BMO Capital Markets initiated coverage on Magnolia Oil & Gas in a report on Friday, January 9th. They set an “outperform” rating and a $27.00 price target on the stock. Susquehanna lowered their price objective on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating on the stock in a research report on Monday, January 26th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Moderate Buy” and an average target price of $30.55.

Magnolia Oil & Gas Trading Down 0.0%

NYSE:MGY opened at $31.03 on Thursday. Magnolia Oil & Gas has a one year low of $19.09 and a one year high of $32.76. The business has a fifty day moving average price of $28.26 and a 200-day moving average price of $24.76. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 2.18 and a beta of 0.83. 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 released its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $317.63 million for the quarter, compared to the consensus estimate of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.Magnolia Oil & Gas’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. Sell-side analysts forecast that Magnolia Oil & Gas will post 2.1 EPS for the current year.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 10th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.1%. Magnolia Oil & Gas’s dividend payout ratio is 38.37%.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Dan F. Smith sold 18,000 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.01, for a total transaction of $522,180.00. Following the completion of the transaction, the director owned 119,204 shares of the company’s stock, valued at $3,458,108.04. This represents a 13.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian Corales sold 33,000 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $29.12, for a total value of $960,960.00. Following the transaction, the chief financial officer owned 184,178 shares of the company’s stock, valued at approximately $5,363,263.36. The trade was a 15.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 338,954 shares of company stock worth $9,911,733 in the last 90 days. 1.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently made changes to their positions in MGY. JPMorgan Chase & Co. raised its holdings 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 acquiring an additional 221,920 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Magnolia Oil & Gas by 55.7% in the third 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. grew its holdings 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 in the last quarter. Heartland Advisors Inc. increased its position in Magnolia Oil & Gas by 92.1% in the third quarter. Heartland Advisors Inc. now owns 576,290 shares of the company’s stock worth $13,756,000 after purchasing an additional 276,290 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake 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 valued at $14,960,000 after purchasing an additional 622,912 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

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).