Piper Sandler Lowers Magnolia Oil & Gas (NYSE:MGY) Price Target to $24.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by equities researchers at Piper Sandler from $26.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 2.83% from the stock’s current price.

Several other analysts have also recently commented on MGY. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $26.00 to $22.00 in a report on Tuesday, October 1st. Mizuho boosted their target price on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday. Truist Financial increased their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Siebert Williams Shank downgraded shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a report on Tuesday, October 15th. Finally, Susquehanna dropped their target price on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and a consensus target price of $27.58.

Magnolia Oil & Gas Stock Down 3.7 %

Shares of Magnolia Oil & Gas stock opened at $23.34 on Tuesday. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $29.02. The company has a market cap of $4.59 billion, a P/E ratio of 11.55, a PEG ratio of 1.29 and a beta of 1.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a fifty day moving average of $26.52 and a two-hundred day moving average of $25.63.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million during the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. On average, analysts forecast that Magnolia Oil & Gas will post 2 earnings per share for the current year.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $54,290,561.58. This trade represents a 76.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently modified their holdings of MGY. First Horizon Advisors Inc. raised its holdings in Magnolia Oil & Gas by 64.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after acquiring an additional 396 shares during the last quarter. Jennison Associates LLC lifted its position in Magnolia Oil & Gas by 2.2% during the third quarter. Jennison Associates LLC now owns 23,836 shares of the company’s stock worth $582,000 after buying an additional 506 shares during the period. Atria Investments Inc grew its holdings in Magnolia Oil & Gas by 2.3% in the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock valued at $576,000 after buying an additional 523 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Magnolia Oil & Gas by 1.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 52,834 shares of the company’s stock valued at $1,290,000 after acquiring an additional 548 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Magnolia Oil & Gas by 1.8% during the 2nd quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock worth $931,000 after acquiring an additional 640 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

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.