Magnolia Oil & Gas (NYSE:MGY) Cut to Hold at Johnson Rice

Johnson Rice cut shares of Magnolia Oil & Gas (NYSE:MGY) from a moderate buy rating to a hold rating in a research note published on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on MGY. Truist Financial increased their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler lifted their price objective on shares of Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Bank of America reiterated a “neutral” rating and issued a $28.00 price target (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Finally, Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus target price of $27.75.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $24.50 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market capitalization of $4.81 billion, a PE ratio of 12.13, a P/E/G ratio of 3.26 and a beta of 2.00. The company has a 50 day moving average price of $25.25 and a 200-day moving average price of $25.50. Magnolia Oil & Gas has a fifty-two week low of $19.53 and a fifty-two week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $333.14 million during 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%. As a group, equities analysts forecast that Magnolia Oil & Gas will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Soros Fund Management LLC purchased a new position in shares of Magnolia Oil & Gas in the third quarter worth $18,120,000. Barclays PLC increased its position in shares of Magnolia Oil & Gas by 62.5% in the 3rd quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock valued at $40,383,000 after acquiring an additional 636,049 shares during the period. State Street Corp raised its stake in Magnolia Oil & Gas by 4.2% in the 3rd quarter. State Street Corp now owns 10,700,257 shares of the company’s stock worth $261,300,000 after acquiring an additional 435,326 shares during the last quarter. Centiva Capital LP lifted its position in Magnolia Oil & Gas by 767.6% during the 3rd quarter. Centiva Capital LP now owns 487,148 shares of the company’s stock worth $11,896,000 after acquiring an additional 430,996 shares during the period. Finally, Vest Financial LLC grew its stake in Magnolia Oil & Gas by 39.0% during the 4th quarter. Vest Financial LLC now owns 1,521,004 shares of the company’s stock valued at $35,561,000 after purchasing an additional 426,572 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.