Piper Sandler Cuts Magnolia Oil & Gas (NYSE:MGY) Price Target to $24.00

Magnolia Oil & Gas (NYSE:MGY) had its target price trimmed by Piper Sandler from $26.00 to $24.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also recently issued reports on the stock. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price target on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Mizuho upped their price objective on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday. Susquehanna reduced 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. Finally, Truist Financial upped their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. 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 stock. According to data from MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and an average price target of $27.58.

Magnolia Oil & Gas Trading Down 0.9 %

NYSE:MGY opened at $23.14 on Tuesday. Magnolia Oil & Gas has a 12-month low of $19.16 and a 12-month high of $29.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. The stock’s 50 day simple moving average is $26.39 and its 200-day simple moving average is $25.60. The firm has a market cap of $4.55 billion, a P/E ratio of 11.46, a PEG ratio of 1.29 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to analysts’ expectations of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. Equities analysts anticipate that Magnolia Oil & Gas will post 2 EPS for the current year.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.74%.

Insider Activity

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction that occurred 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 owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This represents a 76.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Magnolia Oil & Gas during the third quarter valued at $25,000. First Horizon Advisors Inc. boosted its stake in shares of Magnolia Oil & Gas by 64.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after purchasing an additional 396 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Magnolia Oil & Gas by 62.4% during the third quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock worth $64,000 after buying an additional 1,002 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Magnolia Oil & Gas by 61.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the company’s stock valued at $72,000 after buying an additional 1,090 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Magnolia Oil & Gas by 36.8% during the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock valued at $73,000 after buying an additional 804 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

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.