Wells Fargo & Company cut shares of Magnolia Oil & Gas (NYSE:MGY – Free Report) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. Wells Fargo & Company currently has $22.00 price objective on the stock, down from their previous price objective of $26.00.
Other equities research analysts have also recently issued research reports about the stock. Capital One Financial began coverage on shares of Magnolia Oil & Gas in a report on Tuesday, June 11th. They issued an overweight rating and a $28.00 target price on the stock. Bank of America raised their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a neutral rating on the stock in a report on Thursday, September 12th. Benchmark reiterated a hold rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Finally, Wolfe Research started coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an outperform rating and a $32.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy 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 $27.27.
Magnolia Oil & Gas Trading Up 1.8 %
Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate 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. On average, sell-side analysts predict that Magnolia Oil & Gas will post 2.04 EPS for the current year.
Magnolia Oil & Gas Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. Magnolia Oil & Gas’s payout ratio is 25.87%.
Insider Activity
In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.20% of the company’s stock.
Institutional Trading of Magnolia Oil & Gas
Institutional investors and hedge funds have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV increased its holdings in Magnolia Oil & Gas by 1,753.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the 2nd quarter valued at $26,000. Mather Group LLC. bought a new stake in Magnolia Oil & Gas in the 1st quarter valued at $27,000. GAMMA Investing LLC increased its holdings in Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Magnolia Oil & Gas in the 1st quarter valued at $50,000. 94.73% of the stock is currently owned by institutional investors.
Magnolia Oil & Gas Company Profile
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.
Featured Stories
- Five stocks we like better than Magnolia Oil & Gas
- What is a Dividend King?
- Why Lennar Stock Could Be the Best Play in the Housing Market
- What is a buyback in stocks? A comprehensive guide for investors
- 2 Energy Stocks Fueling the AI Datacenter Boom
- How to invest in marijuana stocks in 7 steps
- Will Marinus Pharmaceuticals Be the Next Big Winner in Biotech?
Receive News & Ratings for Magnolia Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnolia Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.