Magnolia Oil & Gas (NYSE:MGY) Price Target Lowered to $24.00 at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its price objective cut by JPMorgan Chase & Co. from $28.00 to $24.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 6.43% from the company's current price.

A number of other equities research analysts also recently commented on the stock. Johnson Rice downgraded shares of Magnolia Oil & Gas from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, January 28th. Truist Financial lifted their target price on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. The Goldman Sachs Group lowered Magnolia Oil & Gas from a "buy" rating to a "neutral" rating and reduced their target price for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Piper Sandler raised their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 29th. Finally, Bank of America reissued a "neutral" rating and issued a $28.00 price target (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $27.77.

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Magnolia Oil & Gas Stock Down 2.3 %

MGY traded down $0.53 on Thursday, reaching $22.55. The company's stock had a trading volume of 1,303,200 shares, compared to its average volume of 2,202,218. The stock has a 50 day moving average of $24.15 and a two-hundred day moving average of $25.08. Magnolia Oil & Gas has a fifty-two week low of $21.63 and a fifty-two week high of $29.02. The company has a quick ratio of 1.47, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 3.01 and a beta of 1.90.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Tuesday, February 18th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The firm had revenue of $326.61 million during the quarter, compared to analysts' expectations of $327.40 million. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. As a group, analysts forecast that Magnolia Oil & Gas will post 2.1 EPS for the current fiscal year.

Insider Activity

In related news, CEO Christopher G. Stavros acquired 2,500 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $22.05 per share, with a total value of $55,125.00. Following the acquisition, the chief executive officer now owns 892,372 shares in the company, valued at approximately $19,676,802.60. The trade was a 0.28 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently modified their holdings of MGY. FMR LLC raised its position in Magnolia Oil & Gas by 174.9% in the 3rd quarter. FMR LLC now owns 34,851 shares of the company's stock worth $851,000 after purchasing an additional 22,171 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Magnolia Oil & Gas during the third quarter worth $353,000. Intech Investment Management LLC bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at about $1,252,000. Citigroup Inc. increased its stake in Magnolia Oil & Gas by 30.6% in the third quarter. Citigroup Inc. now owns 313,778 shares of the company's stock valued at $7,662,000 after purchasing an additional 73,431 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Magnolia Oil & Gas by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,991,017 shares of the company's stock worth $48,621,000 after purchasing an additional 75,305 shares during the period. Institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.

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