Piper Sandler Forecasts Strong Price Appreciation for Magnolia Oil & Gas (NYSE:MGY) Stock

Magnolia Oil & Gas (NYSE:MGY - Free Report) had its target price boosted by Piper Sandler from $24.00 to $26.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. Benchmark reissued a "hold" rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Truist Financial lifted their price target on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a "buy" rating in a report on Monday, January 13th. Bank of America reaffirmed a "neutral" rating and issued a $28.00 price objective (down from $29.00) on shares of Magnolia Oil & Gas in a research note on Monday, January 13th. Siebert Williams Shank downgraded Magnolia Oil & Gas from a "buy" rating to a "hold" rating and set a $30.00 target price for the company. in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company lowered Magnolia Oil & Gas from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $26.00 to $22.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of "Hold" and a consensus target price of $27.75.

Magnolia Oil & Gas Price Performance

Shares of MGY stock traded down $0.06 during trading hours on Wednesday, hitting $24.81. 1,553,011 shares of the company's stock were exchanged, compared to its average volume of 1,860,739. The firm has a 50 day moving average of $25.33 and a two-hundred day moving average of $25.51. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market cap of $4.88 billion, a P/E ratio of 12.28, a P/E/G ratio of 3.26 and a beta of 2.00. Magnolia Oil & Gas has a fifty-two week low of $19.53 and a fifty-two week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. Sell-side analysts forecast that Magnolia Oil & Gas will post 1.98 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MGY. Hsbc Holdings PLC acquired a new stake in Magnolia Oil & Gas in the second quarter valued at approximately $262,000. Bank of Montreal Can raised its holdings in shares of Magnolia Oil & Gas by 1.8% during the second quarter. Bank of Montreal Can now owns 36,716 shares of the company's stock valued at $931,000 after purchasing an additional 640 shares during the period. Squarepoint Ops LLC boosted its holdings in Magnolia Oil & Gas by 60.9% in the second quarter. Squarepoint Ops LLC now owns 139,639 shares of the company's stock worth $3,538,000 after acquiring an additional 52,829 shares in the last quarter. AQR Capital Management LLC grew its position in Magnolia Oil & Gas by 25.8% in the 2nd quarter. AQR Capital Management LLC now owns 20,832 shares of the company's stock valued at $528,000 after purchasing an additional 4,276 shares during the period. Finally, Algert Global LLC bought a new position in Magnolia Oil & Gas in the 2nd quarter valued at about $442,000. 94.73% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

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.