Magnolia Oil & Gas (NYSE:MGY) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

Other equities research analysts have also issued reports about the company. ValuEngine lowered Magnolia Oil & Gas from a hold rating to a sell rating in a research report on Tuesday, July 2nd. TheStreet upgraded Magnolia Oil & Gas from a d rating to a c- rating in a research report on Tuesday, August 6th. R. F. Lafferty set a $20.00 price target on Magnolia Oil & Gas and gave the stock a buy rating in a research note on Wednesday, August 7th. Wells Fargo & Co began coverage on Magnolia Oil & Gas in a research note on Monday, May 20th. They set an outperform rating and a $16.00 price target for the company. Finally, Piper Jaffray Companies began coverage on Magnolia Oil & Gas in a research note on Monday, July 8th. They set an overweight rating and a $14.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $16.33.



MGY stock traded up $0.03 during trading hours on Wednesday, hitting $9.83. 9,462 shares of the stock traded hands, compared to its average volume of 1,625,912. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.14. Magnolia Oil & Gas has a one year low of $9.27 and a one year high of $15.23. The firm has a 50-day moving average of $10.81.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.02). Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. The company had revenue of $242.96 million during the quarter, compared to analyst estimates of $239.51 million. On average, sell-side analysts anticipate that Magnolia Oil & Gas will post 0.52 earnings per share for the current year.

In other Magnolia Oil & Gas news, Chairman Stephen I. Chazen purchased 25,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $10.22 per share, with a total value of $255,500.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 7.90% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in Magnolia Oil & Gas in the 1st quarter valued at $25,000. Aperio Group LLC bought a new stake in Magnolia Oil & Gas in the second quarter valued at about $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Magnolia Oil & Gas in the second quarter valued at about $71,000. Bank of Montreal Can acquired a new position in Magnolia Oil & Gas in the second quarter valued at about $98,000. Finally, Starr International Co. Inc. acquired a new position in Magnolia Oil & Gas in the first quarter valued at about $120,000. 68.55% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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