Piper Sandler Raises Magnolia Oil & Gas (NYSE:MGY) Price Target to $26.00

Magnolia Oil & Gas (NYSE:MGY) had its price target hoisted by equities research analysts at Piper Sandler from $24.00 to $26.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 6.14% from the company’s current price.

A number of other brokerages have also commented on MGY. Truist Financial increased their price target on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho raised their price target on Magnolia Oil & Gas from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Bank of America reiterated a “neutral” rating and issued a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Wells Fargo & Company downgraded Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Finally, Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.75.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $24.50 on Wednesday. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 3.26 and a beta of 2.00. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a fifty day moving average of $25.25 and a 200 day moving average of $25.50. Magnolia Oil & Gas has a 52-week low of $19.53 and a 52-week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping 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%. On average, research analysts expect that Magnolia Oil & Gas will post 1.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC bought a new stake in shares of Magnolia Oil & Gas in the second quarter worth about $262,000. Bank of Montreal Can increased its position in shares of Magnolia Oil & Gas by 1.8% during the second quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock valued at $931,000 after buying an additional 640 shares during the period. Squarepoint Ops LLC grew its holdings in shares of Magnolia Oil & Gas by 60.9% during the 2nd quarter. Squarepoint Ops LLC now owns 139,639 shares of the company’s stock worth $3,538,000 after acquiring an additional 52,829 shares during the period. AQR Capital Management LLC grew its stake in Magnolia Oil & Gas by 25.8% in the second quarter. AQR Capital Management LLC now owns 20,832 shares of the company’s stock worth $528,000 after purchasing an additional 4,276 shares during the period. Finally, Algert Global LLC bought a new position in Magnolia Oil & Gas in the second quarter worth $442,000. Hedge funds and other institutional investors 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.