Truist Financial Trims Magnolia Oil & Gas (NYSE:MGY) Target Price to $31.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective cut by Truist Financial from $35.00 to $31.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Capital One Financial began coverage on Magnolia Oil & Gas in a research note on Tuesday, June 11th. They issued an overweight rating and a $28.00 target price on the stock. JPMorgan Chase & Co. lowered their target price 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. Bank of America increased their price target 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. Piper Sandler lowered their price target on Magnolia Oil & Gas from $29.00 to $26.00 and set a neutral rating on the stock in a research report on Thursday, August 15th. Finally, Wells Fargo & Company lowered their price target on Magnolia Oil & Gas from $27.00 to $26.00 and set an equal weight rating on the stock in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $27.27.

Magnolia Oil & Gas Stock Up 4.2 %

Magnolia Oil & Gas stock opened at $26.25 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.28 and a current ratio of 1.28. The business’s 50-day simple moving average is $24.87 and its two-hundred day simple moving average is $25.33. The company has a market cap of $5.32 billion, a PE ratio of 13.06, a PEG ratio of 1.21 and a beta of 2.00. Magnolia Oil & Gas has a fifty-two week low of $19.16 and a fifty-two week high of $27.63.

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

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Insider Buying and Selling at Magnolia Oil & Gas

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was 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 owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently made changes to their positions in MGY. Vanguard Group Inc. increased its holdings in shares of Magnolia Oil & Gas by 16.6% in 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 during the last quarter. Principal Financial Group Inc. increased its stake 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 acquiring an additional 1,816,158 shares during the last quarter. First Trust Advisors LP increased its stake 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 acquiring an additional 1,704,982 shares during the last quarter. Ranger Investment Management L.P. acquired a new stake in Magnolia Oil & Gas during the fourth quarter worth $25,226,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Magnolia Oil & Gas during the first quarter worth $30,161,000. Institutional investors and hedge funds 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.