Magnolia Oil & Gas (NYSE:MGY) Price Target Cut to $23.00 by Analysts at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY) had its target price cut by JPMorgan Chase & Co. from $26.00 to $23.00 in a research report released on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

MGY has been the subject of a number of other research reports. Truist Financial upped their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a buy rating in a research note on Friday, August 2nd. Benchmark reiterated a hold rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an outperform rating and a $32.00 target price for the company. Wells Fargo & Company cut their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an equal weight rating for the company in a research note on Monday, August 5th. Finally, Piper Sandler decreased their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a neutral rating on the stock in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas has an average rating of Hold and an average target price of $28.09.

Magnolia Oil & Gas Trading Up 1.2 %

Shares of NYSE:MGY opened at $23.84 on Thursday. The stock has a 50 day moving average of $25.22 and a 200 day moving average of $25.21. The company has a market cap of $4.75 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.12 and a beta of 2.00. Magnolia Oil & Gas has a 12-month low of $19.16 and a 12-month high of $27.63. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The firm had revenue of $336.73 million during the quarter, compared to analysts’ expectations of $340.72 million. As a group, equities research analysts expect that Magnolia Oil & Gas will post 2.13 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were given a $0.13 dividend. The ex-dividend date was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.18%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock valued at $48,813,000 after purchasing an additional 1,816,158 shares during the period. First Trust Advisors LP grew its holdings in shares of Magnolia Oil & Gas by 20.2% in the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after purchasing an additional 1,704,982 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in Magnolia Oil & Gas in the 4th quarter worth about $25,226,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Magnolia Oil & Gas during the 1st quarter valued at about $30,161,000. Institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.