Magnolia Oil & Gas (NYSE:MGY) PT Lowered to $32.00

Magnolia Oil & Gas (NYSE:MGY) had its target price reduced by Susquehanna from $33.00 to $32.00 in a research report report published on Wednesday morning, Benzinga reports. Susquehanna currently has a positive rating on the stock.

Several other brokerages also recently issued reports on MGY. Wells Fargo & Company dropped their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an equal weight rating on the stock in a research note on Monday, August 5th. Bank of America increased their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Piper Sandler reduced their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a neutral rating for the company in a report on Thursday, August 15th. Capital One Financial began coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They set an overweight rating and a $28.00 price target on the stock. Finally, Mizuho lifted their price objective on Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a neutral rating in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $28.60.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $23.57 on Wednesday. The stock’s 50 day moving average is $25.43 and its 200 day moving average is $25.13. The company has a market capitalization of $4.69 billion, a P/E ratio of 11.73, a PEG ratio of 1.15 and a beta of 2.00. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63. 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 issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. The firm had revenue of $336.73 million during the quarter, compared to the consensus estimate of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. On average, equities research analysts predict that Magnolia Oil & Gas will post 2.13 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. Principal Financial Group Inc. lifted its position in Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock valued at $48,813,000 after purchasing an additional 1,816,158 shares in the last quarter. First Trust Advisors LP grew its holdings in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after purchasing an additional 1,704,982 shares during the period. Ranger Investment Management L.P. purchased a new stake in Magnolia Oil & Gas in the fourth quarter worth about $25,226,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Magnolia Oil & Gas in the first quarter worth about $30,161,000. 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.