Magnolia Oil & Gas (NYSE:MGY) Given New $24.00 Price Target at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY) had its target price cut by stock analysts at JPMorgan Chase & Co. from $28.00 to $24.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 3.13% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Williams Trading set a $29.00 price objective on Magnolia Oil & Gas in a research note on Wednesday, March 5th. The Goldman Sachs Group cut Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Johnson Rice cut Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Bank of America reiterated a “neutral” rating and issued a $28.00 price objective (down previously from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Finally, Truist Financial lifted their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $27.77.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $23.27 on Thursday. The business has a 50-day moving average of $24.12 and a 200 day moving average of $25.05. Magnolia Oil & Gas has a 12 month low of $21.63 and a 12 month high of $29.02. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 3.01 and a beta of 1.90. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 1.47.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Tuesday, February 18th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The company had revenue of $326.61 million during the quarter, compared to analysts’ expectations of $327.40 million. As a group, sell-side analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Christopher G. Stavros purchased 2,500 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $22.05 per share, with a total value of $55,125.00. Following the completion of the transaction, the chief executive officer now directly owns 892,372 shares in the company, valued at approximately $19,676,802.60. This represents a 0.28 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MGY. First Horizon Advisors Inc. increased its holdings in shares of 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 during the period. Larson Financial Group LLC boosted its stake in shares of Magnolia Oil & Gas by 112.3% in the fourth quarter. Larson Financial Group LLC now owns 1,072 shares of the company’s stock valued at $25,000 after buying an additional 567 shares in the last quarter. Mather Group LLC. boosted its stake in shares of Magnolia Oil & Gas by 100.0% in the fourth quarter. Mather Group LLC. now owns 1,090 shares of the company’s stock valued at $25,000 after buying an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $43,000. Finally, Quarry LP boosted its stake in shares of Magnolia Oil & Gas by 1,047.8% in the fourth quarter. Quarry LP now owns 2,135 shares of the company’s stock valued at $50,000 after buying an additional 1,949 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

About Magnolia Oil & Gas

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.