JPMorgan Chase & Co. Cuts Magnolia Oil & Gas (NYSE:MGY) Price Target to $23.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective lowered by analysts at JPMorgan Chase & Co. from $26.00 to $23.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 3.52% from the company’s current price.

Several other research analysts have also issued reports on the company. Wells Fargo & Company dropped their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Piper Sandler dropped their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Wolfe Research began coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They issued an “outperform” rating and a $32.00 target price on the stock. Bank of America lifted their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Truist Financial upped their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One research analyst has 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.09.

Magnolia Oil & Gas Stock Up 1.2 %

Shares of MGY opened at $23.84 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average of $25.25 and a 200 day moving average of $25.15. The company has a market cap of $4.75 billion, a PE ratio of 11.72, a P/E/G ratio of 1.11 and a beta of 2.00. Magnolia Oil & Gas has a 52-week low of $19.16 and a 52-week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $340.72 million. On average, sell-side analysts expect that Magnolia Oil & Gas will post 2.13 EPS for the current year.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several large investors have recently modified their holdings of MGY. Vanguard Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after purchasing an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after buying an additional 1,816,158 shares during the period. First Trust Advisors LP lifted its holdings in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after buying an additional 1,704,982 shares during the period. Ranger Investment Management L.P. bought a new stake in Magnolia Oil & Gas during the 4th quarter valued at $25,226,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at $30,161,000. Institutional investors own 94.73% of the company’s stock.

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.