Bank of America Reiterates Neutral Rating for Magnolia Oil & Gas (NYSE:MGY)

Magnolia Oil & Gas (NYSE:MGY)‘s stock had its “neutral” rating reissued by investment analysts at Bank of America in a research report issued to clients and investors on Monday, Marketbeat.com reports. They presently have a $28.00 price target on the stock, down from their previous price target of $29.00. Bank of America‘s price target points to a potential upside of 8.61% from the company’s previous close.

Several other brokerages have also recently weighed in on MGY. Mizuho raised their price target on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Siebert Williams Shank lowered Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research report on Tuesday, October 15th. Finally, Piper Sandler cut their price objective on shares of Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $25.78 on Monday. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $29.02. The stock’s 50 day moving average is $25.64 and its 200-day moving average is $25.50. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.29 and a beta of 2.00.

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

Institutional Trading of Magnolia Oil & Gas

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