Piper Sandler Issues Pessimistic Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY) had its target price reduced by research analysts at Piper Sandler from $26.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 2.83% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. 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. Siebert Williams Shank downgraded Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a report on Tuesday, October 15th. Mizuho lifted their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and a consensus target price of $27.58.

Magnolia Oil & Gas Stock Performance

Shares of MGY stock opened at $23.34 on Tuesday. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $29.02. 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 firm’s 50 day moving average price is $26.52 and its 200-day moving average price is $25.63. The firm has a market cap of $4.59 billion, a P/E ratio of 11.55, a P/E/G ratio of 1.29 and a beta of 1.99.

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, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for the quarter, compared to analyst estimates 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 research analysts predict that Magnolia Oil & Gas will post 2 EPS for the current year.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated 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 sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 76.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MGY. American Century Companies Inc. boosted its holdings in shares of Magnolia Oil & Gas by 9.9% in the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock valued at $237,927,000 after acquiring an additional 847,542 shares during the period. Soros Fund Management LLC acquired a new stake in Magnolia Oil & Gas during the 3rd quarter worth $18,120,000. Barclays PLC grew its position in Magnolia Oil & Gas by 62.5% during the 3rd quarter. Barclays PLC now owns 1,653,736 shares of the company’s stock worth $40,383,000 after purchasing an additional 636,049 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Magnolia Oil & Gas by 16.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock valued at $114,554,000 after purchasing an additional 627,933 shares during the period. Finally, SIR Capital Management L.P. acquired a new position in Magnolia Oil & Gas in the second quarter valued at $15,106,000. 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.