Magnolia Oil & Gas (NYSE:MGY) Given New $34.00 Price Target at Truist Financial

Magnolia Oil & Gas (NYSE:MGY) had its target price hoisted by Truist Financial from $33.00 to $34.00 in a report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $26.00 to $22.00 in a report on Tuesday, October 1st. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Mizuho increased their price objective on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Piper Sandler decreased their target price on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Finally, Bank of America reiterated a “neutral” rating and set a $28.00 price target (down from $29.00) on shares of Magnolia Oil & Gas in a research report on Monday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Price Performance

MGY opened at $25.42 on Monday. The company has a market capitalization of $5.00 billion, a P/E ratio of 12.58, a PEG ratio of 1.29 and a beta of 2.00. The company has a 50-day moving average of $25.64 and a 200-day moving average of $25.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. Magnolia Oil & Gas has a 1-year low of $19.16 and a 1-year high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million during the quarter, compared to analyst estimates of $331.45 million. Equities analysts expect that Magnolia Oil & Gas will post 2 EPS for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.13 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.05%. Magnolia Oil & Gas’s payout ratio is 25.74%.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BOKF NA increased its stake in Magnolia Oil & Gas by 87.8% during the 2nd quarter. BOKF NA now owns 19,321 shares of the company’s stock valued at $490,000 after buying an additional 9,031 shares during the period. Federated Hermes Inc. acquired a new position in shares of Magnolia Oil & Gas during the second quarter valued at approximately $6,686,000. Oppenheimer Asset Management Inc. raised its holdings in Magnolia Oil & Gas by 15.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 37,927 shares of the company’s stock worth $961,000 after purchasing an additional 5,100 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Magnolia Oil & Gas by 9.4% in the second quarter. Envestnet Asset Management Inc. now owns 388,289 shares of the company’s stock worth $9,839,000 after purchasing an additional 33,411 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new position in Magnolia Oil & Gas during the 2nd quarter valued at $14,201,000. 94.73% of the stock is currently owned by institutional investors.

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.