Magnolia Oil & Gas (NYSE:MGY) Downgraded to “Underweight” at Wells Fargo & Company

Magnolia Oil & Gas (NYSE:MGY) was downgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday, Briefing.com reports. They presently have a $22.00 price objective on the stock, down from their prior price objective of $26.00. Wells Fargo & Company‘s price objective points to a potential downside of 9.91% from the stock’s current price.

A number of other equities analysts have also commented on MGY. Truist Financial lowered their price target on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday. JPMorgan Chase & Co. decreased 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. Wolfe Research started coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 target price on the stock. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. Finally, Capital One Financial started 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Magnolia Oil & Gas has an average rating of “Hold” and an average target price of $27.27.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $24.42 on Tuesday. The stock has a market cap of $4.95 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.21 and a beta of 2.00. 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 company has a fifty day moving average price of $24.94 and a two-hundred day moving average price of $25.32. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The company had revenue of $336.73 million during the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. As a group, equities analysts predict that Magnolia Oil & Gas will post 2.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by company insiders.

Institutional Trading of Magnolia Oil & Gas

A number of institutional investors have recently made changes to their positions in MGY. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magnolia Oil & Gas by 1,753.6% during the second 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 in the last quarter. Opal Wealth Advisors LLC bought a new stake in Magnolia Oil & Gas in the 2nd quarter worth about $26,000. Mather Group LLC. bought a new stake in Magnolia Oil & Gas in the 1st quarter worth about $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 worth $41,000 after buying an additional 1,042 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Magnolia Oil & Gas in the 1st quarter worth about $50,000. Hedge funds and other 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.