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

Magnolia Oil & Gas (NYSE:MGY) had its price target cut by stock analysts at Truist Financial from $35.00 to $31.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 24.72% from the stock’s previous close.

Several other equities analysts have also issued reports on MGY. Wolfe Research initiated coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target on the stock. Bank of America lifted their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Capital One Financial initiated coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, June 11th. They set an “overweight” rating and a $28.00 target price on the stock. Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Finally, Piper Sandler dropped their price objective on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Hold” and an average price target of $27.27.

Magnolia Oil & Gas Trading Up 1.8 %

MGY opened at $24.86 on Monday. The stock has a market cap of $5.04 billion, a PE ratio of 12.28, a price-to-earnings-growth 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 has a twelve month low of $19.16 and a twelve month high of $27.63. The company has a fifty day moving average of $24.90 and a 200-day moving average of $25.32.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. On average, sell-side analysts predict that Magnolia Oil & Gas will post 2.04 EPS for the current year.

Insider Transactions at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the transaction, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new stake in shares of Magnolia Oil & Gas in the second quarter valued at about $428,000. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Magnolia Oil & Gas by 92.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 121,882 shares of the company’s stock valued at $3,088,000 after acquiring an additional 58,585 shares in the last quarter. Creative Planning increased its position in shares of Magnolia Oil & Gas by 21.3% during the second quarter. Creative Planning now owns 63,589 shares of the company’s stock valued at $1,611,000 after acquiring an additional 11,160 shares during the last quarter. Algert Global LLC bought a new stake in Magnolia Oil & Gas during the second quarter worth $442,000. Finally, The Manufacturers Life Insurance Company boosted its position in Magnolia Oil & Gas by 0.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,647,897 shares of the company’s stock worth $41,758,000 after purchasing an additional 11,877 shares during the last quarter. 94.73% of the stock is currently owned by institutional investors.

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.