Magnolia Oil & Gas (NYSE:MGY) Hits New 52-Week High – Time to Buy?

Magnolia Oil & Gas Co. (NYSE:MGY) reached a new 52-week high on Thursday . The stock traded as high as $27.99 and last traded at $27.99, with a volume of 1015 shares. The stock had previously closed at $27.71.

Analysts Set New Price Targets

Several brokerages have recently commented on MGY. Mizuho reduced their target price on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Piper Sandler reduced their price target on shares of 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. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a report on Tuesday, October 15th. Finally, Susquehanna lowered their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.67.

Magnolia Oil & Gas Trading Up 1.9 %

The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.39 and a beta of 1.99. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The company’s fifty day simple moving average is $26.04 and its two-hundred day simple moving average is $25.50.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%. The firm had revenue of $333.14 million during the quarter, compared to analysts’ expectations of $331.45 million. Research analysts forecast that Magnolia Oil & Gas Co. will post 1.99 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is 25.74%.

Insider Transactions at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the 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 completion of the transaction, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This represents a 76.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. acquired a new stake in shares of Magnolia Oil & Gas in the third quarter valued at about $25,000. First Horizon Advisors Inc. grew its stake in Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock valued at $25,000 after purchasing an additional 396 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Magnolia Oil & Gas during the 2nd quarter worth approximately $26,000. Finally, GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 1,042 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

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.