Wells Fargo & Company Lowers Magnolia Oil & Gas (NYSE:MGY) Price Target to $26.00

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by Wells Fargo & Company from $27.00 to $26.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also recently issued reports on MGY. Mizuho increased their target price on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a neutral rating in a research report on Monday, May 13th. Piper Sandler reiterated a neutral rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a research note on Friday, April 19th. Bank of America increased their price target on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Wolfe Research began coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an outperform rating and a $32.00 price objective for the company. Finally, Benchmark restated a hold rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $29.00.

Magnolia Oil & Gas Stock Up 1.5 %

Shares of Magnolia Oil & Gas stock opened at $24.36 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.84 and a beta of 2.02. The firm’s 50-day moving average is $25.37 and its two-hundred day moving average is $24.48. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $319.42 million for the quarter, compared to the consensus estimate of $308.21 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. As a group, research analysts expect that Magnolia Oil & Gas will post 2.18 earnings per share for the current fiscal year.

Magnolia Oil & Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.13%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total value of $306,960,000.00. Following the sale, the director now directly owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnolia Oil & Gas

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares in the last quarter. First Trust Advisors LP lifted its holdings in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock valued at $215,602,000 after purchasing an additional 1,704,982 shares in the last quarter. American Century Companies Inc. grew its position in shares of Magnolia Oil & Gas by 9.9% in the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock valued at $237,927,000 after purchasing an additional 847,542 shares during the period. Victory Capital Management Inc. increased its stake in shares of Magnolia Oil & Gas by 2.1% during the fourth quarter. Victory Capital Management Inc. now owns 6,162,526 shares of the company’s stock worth $131,200,000 after purchasing an additional 128,097 shares in the last quarter. Finally, Wasatch Advisors LP raised its position in shares of Magnolia Oil & Gas by 2.2% during the 4th quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock worth $78,331,000 after purchasing an additional 77,733 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

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.