Mizuho Forecasts Strong Price Appreciation for Magnolia Oil & Gas (NYSE:MGY) Stock

Magnolia Oil & Gas (NYSE:MGY) had its target price raised by equities research analysts at Mizuho from $27.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective suggests a potential upside of 15.51% from the stock’s previous close.

A number of other research 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 target price for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Truist Financial raised their price objective on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. reduced their price objective on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Finally, Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $27.58.

Magnolia Oil & Gas Trading Down 1.5 %

Shares of MGY stock opened at $24.24 on Monday. 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 52-week low of $19.16 and a 52-week high of $29.02. The company has a market capitalization of $4.76 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 1.29 and a beta of 1.99. The business’s fifty day moving average is $26.55 and its 200 day moving average is $25.65.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. On average, equities research analysts anticipate that Magnolia Oil & Gas will post 2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This trade represents a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several large investors have recently made changes to their positions in MGY. Oliver Luxxe Assets LLC raised its holdings in Magnolia Oil & Gas by 80.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 87,624 shares of the company’s stock worth $2,140,000 after acquiring an additional 39,098 shares during the last quarter. Argent Capital Management LLC raised its holdings in Magnolia Oil & Gas by 56.8% in the 2nd quarter. Argent Capital Management LLC now owns 29,111 shares of the company’s stock worth $738,000 after acquiring an additional 10,547 shares during the last quarter. AMG National Trust Bank raised its holdings in Magnolia Oil & Gas by 13.7% in the 2nd quarter. AMG National Trust Bank now owns 65,508 shares of the company’s stock worth $1,660,000 after acquiring an additional 7,879 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in Magnolia Oil & Gas by 5.6% in the 2nd quarter. Ensign Peak Advisors Inc now owns 68,919 shares of the company’s stock worth $1,746,000 after acquiring an additional 3,630 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in Magnolia Oil & Gas in the 3rd quarter worth approximately $1,252,000. 94.73% of the stock is currently owned by hedge funds and other 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.