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

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

A number of other research analysts have also issued reports on the company. Capital One Financial started coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They issued an overweight rating and a $28.00 target price for the company. Mizuho decreased their target price on Magnolia Oil & Gas from $28.00 to $27.00 and set a neutral rating for the company in a report on Monday, September 16th. Bank of America lifted their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a buy rating in a report on Tuesday, July 23rd. Wells Fargo & Company decreased their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an equal weight rating for the company in a report on Monday, August 5th. Finally, Susquehanna decreased their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a positive rating for the company in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $27.27.

Magnolia Oil & Gas Trading Up 4.2 %

MGY opened at $26.25 on Monday. Magnolia Oil & Gas has a 52 week low of $19.16 and a 52 week high of $27.63. The business has a fifty day simple moving average of $24.87 and a 200-day simple moving average of $25.33. The firm has a market cap of $5.32 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.21 and a beta of 2.00. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate 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 business had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. On average, equities analysts expect that Magnolia Oil & Gas will post 2.04 earnings per share for the current year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is presently 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 firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is owned by insiders.

Institutional Trading of Magnolia Oil & Gas

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nordea Investment Management AB increased its position in shares of Magnolia Oil & Gas by 37.1% during the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock worth $13,387,000 after purchasing an additional 141,046 shares in the last quarter. Maryland State Retirement & Pension System acquired a new stake in shares of Magnolia Oil & Gas during the first quarter worth about $1,721,000. Texas Permanent School Fund Corp acquired a new stake in shares of Magnolia Oil & Gas during the first quarter worth about $4,207,000. Vanguard Group Inc. increased its position in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after purchasing an additional 2,956,314 shares in the last quarter. Finally, Wasatch Advisors LP increased its position in shares of Magnolia Oil & Gas by 2.2% during the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock worth $78,331,000 after purchasing an additional 77,733 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 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.