Magnolia Oil & Gas (NYSE:MGY) Downgraded by Wells Fargo & Company to Underweight

Wells Fargo & Company cut shares of Magnolia Oil & Gas (NYSE:MGY) 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 stock opened at $24.86 on Tuesday. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.63. The business’s fifty day moving average is $24.90 and its 200 day moving average is $25.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market capitalization of $5.04 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00.

Magnolia Oil & Gas (NYSE:MGY) 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.