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

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

Other equities analysts also recently issued reports about the stock. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. They set an outperform rating and a $32.00 price objective on the stock. Truist Financial upped their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a buy rating in a research report on Friday. Benchmark reissued a hold rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Bank of America boosted their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. Finally, Susquehanna increased their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a positive rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $29.00.

Magnolia Oil & Gas Price Performance

MGY stock remained flat at $23.53 during mid-day trading on Monday. The company’s stock had a trading volume of 2,857,603 shares, compared to its average volume of 2,779,577. The company has a current ratio of 1.28, a quick ratio of 1.71 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $25.41 and a 200 day simple moving average of $24.48. The firm has a market cap of $4.77 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.90 and a beta of 2.02. Magnolia Oil & Gas has a fifty-two week low of $19.16 and a fifty-two week high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The company had revenue of $319.42 million for the quarter, compared to analysts’ expectations of $308.21 million. On average, analysts anticipate that Magnolia Oil & Gas will post 2.22 EPS for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. Magnolia Oil & Gas’s dividend payout ratio is presently 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 dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction 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 legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lindbrook Capital LLC raised its stake in shares of Magnolia Oil & Gas by 61.5% during the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after purchasing an additional 627 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Magnolia Oil & Gas by 5.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 13,156 shares of the company’s stock valued at $280,000 after buying an additional 730 shares in the last quarter. Commerce Bank increased its position in shares of Magnolia Oil & Gas by 4.0% during the fourth quarter. Commerce Bank now owns 24,820 shares of the company’s stock valued at $528,000 after buying an additional 945 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Magnolia Oil & Gas by 10.3% in the second quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock worth $264,000 after buying an additional 968 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after acquiring an additional 982 shares during the period. Institutional investors own 94.73% of the company’s stock.

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.