Magnolia Oil & Gas (NYSE:MGY) Reaches New 12-Month High at $17.36

Shares of Magnolia Oil & Gas Co. (NYSE:MGY) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $17.36 and last traded at $17.34, with a volume of 73283 shares trading hands. The stock had previously closed at $16.29.

A number of brokerages have commented on MGY. Truist upgraded Magnolia Oil & Gas from a “hold” rating to a “buy” rating and increased their target price for the company from $18.00 to $21.00 in a report on Monday, August 30th. Evercore ISI started coverage on shares of Magnolia Oil & Gas in a research note on Monday, August 2nd. They issued an “outperform” rating and a $18.00 target price for the company. Truist Securities raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their price target for the stock from $18.00 to $21.00 in a research note on Monday, August 30th. Citigroup boosted their price objective on shares of Magnolia Oil & Gas from $14.00 to $15.50 and gave the company a “neutral” rating in a research report on Thursday, July 22nd. Finally, Piper Sandler raised their target price on shares of Magnolia Oil & Gas from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.38.

The stock has a market cap of $3.92 billion, a PE ratio of 15.68 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.86 and a quick ratio of 1.86. The stock has a 50-day simple moving average of $14.91 and a 200-day simple moving average of $13.64.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Sunday, August 1st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.15. Magnolia Oil & Gas had a return on equity of 23.92% and a net margin of 25.33%. The business had revenue of $250.73 million during the quarter, compared to analysts’ expectations of $229.42 million. As a group, equities research analysts anticipate that Magnolia Oil & Gas Co. will post 1.99 EPS for the current year.

The firm also recently announced a Semi-Annual dividend, which was paid on Wednesday, September 1st. Stockholders of record on Thursday, August 12th were paid a $0.08 dividend. This represents a dividend yield of 1.15%. The ex-dividend date was Wednesday, August 11th. Magnolia Oil & Gas’s dividend payout ratio is presently -800.00%.

In other Magnolia Oil & Gas news, CEO Stephen I. Chazen purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 5th. The stock was purchased at an average cost of $14.12 per share, with a total value of $706,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.70% of the company’s stock.

A number of large investors have recently modified their holdings of MGY. Harvest Fund Management Co. Ltd acquired a new position in shares of Magnolia Oil & Gas during the first quarter worth $31,000. C M Bidwell & Associates Ltd. acquired a new position in Magnolia Oil & Gas in the 1st quarter worth $32,000. Acadian Asset Management LLC purchased a new position in Magnolia Oil & Gas in the 1st quarter valued at about $41,000. Rockefeller Capital Management L.P. grew its stake in shares of Magnolia Oil & Gas by 108.5% during the first quarter. Rockefeller Capital Management L.P. now owns 4,611 shares of the company’s stock valued at $52,000 after acquiring an additional 2,399 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Magnolia Oil & Gas during the second quarter worth about $55,000. 76.56% of the stock is owned by institutional investors.

Magnolia Oil & Gas Company Profile (NYSE:MGY)

Magnolia Oil & Gas Corp. engages in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.

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