Truist Financial Lowers Magnolia Oil & Gas (NYSE:MGY) Price Target to $32.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by research analysts at Truist Financial from $34.00 to $32.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price would indicate a potential upside of 27.80% from the stock’s current price.

MGY has been the subject of a number of other research reports. Citigroup decreased their target price on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, April 13th. Wells Fargo & Company decreased their price objective on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Zacks Research downgraded shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Roth Mkm raised shares of Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Monday, June 22nd. Finally, KeyCorp restated an “overweight” rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas has a consensus rating of “Hold” and a consensus price target of $31.17.

Magnolia Oil & Gas Price Performance

NYSE MGY opened at $25.04 on Tuesday. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The stock’s 50-day moving average is $27.88 and its two-hundred day moving average is $27.04. The firm has a market cap of $4.63 billion, a P/E ratio of 14.56 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.10 and a quick ratio of 1.10.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 EPS. On average, analysts anticipate that Magnolia Oil & Gas will post 2.83 earnings per share for the current fiscal year.

Institutional Trading of Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently bought and sold shares of MGY. Valued Wealth Advisors LLC acquired a new position in shares of Magnolia Oil & Gas during the first quarter valued at about $29,000. Salomon & Ludwin LLC grew its position in Magnolia Oil & Gas by 130.1% during the fourth quarter. Salomon & Ludwin LLC now owns 1,344 shares of the company’s stock worth $29,000 after buying an additional 760 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after buying an additional 864 shares in the last quarter. Torren Management LLC bought a new position in Magnolia Oil & Gas during the fourth quarter valued at about $38,000. Finally, Parallel Advisors LLC increased its stake in Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after acquiring an additional 785 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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).