Bank of America Reiterates Neutral Rating for Magnolia Oil & Gas (NYSE:MGY)

Magnolia Oil & Gas (NYSE:MGY)‘s stock had its “neutral” rating reiterated by research analysts at Bank of America in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a $28.00 price objective on the stock, down from their prior price objective of $29.00. Bank of America‘s price target indicates a potential upside of 12.45% from the stock’s current price.

MGY has been the topic of a number of other research reports. Wells Fargo & Company downgraded Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Truist Financial increased their target price on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler reduced their target price on Magnolia Oil & Gas from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Tuesday, December 17th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Finally, Siebert Williams Shank cut 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and a consensus price target of $27.50.

Magnolia Oil & Gas Stock Up 2.6 %

Magnolia Oil & Gas stock opened at $24.90 on Monday. Magnolia Oil & Gas has a fifty-two week low of $19.16 and a fifty-two week high of $29.02. 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 company has a market cap of $4.89 billion, a PE ratio of 12.33, a PEG ratio of 1.29 and a beta of 2.00. The business’s 50-day simple moving average is $25.64 and its two-hundred day simple moving average is $25.50.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MGY. Harbor Capital Advisors Inc. purchased a new position in Magnolia Oil & Gas in the third quarter worth approximately $25,000. First Horizon Advisors Inc. grew its position in Magnolia Oil & Gas by 64.7% in the third quarter. First Horizon Advisors Inc. now owns 1,008 shares of the company’s stock worth $25,000 after acquiring an additional 396 shares during the period. GAMMA Investing LLC grew its position in Magnolia Oil & Gas by 62.4% in the third quarter. GAMMA Investing LLC now owns 2,609 shares of the company’s stock worth $64,000 after acquiring an additional 1,002 shares during the period. Covestor Ltd grew its position in Magnolia Oil & Gas by 36.8% in the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock worth $73,000 after acquiring an additional 804 shares during the period. Finally, Truvestments Capital LLC purchased a new position in Magnolia Oil & Gas in the third quarter worth approximately $90,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

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.