Magnolia Oil & Gas (NYSE:MGY) Price Target Lowered to $23.00 at JPMorgan Chase & Co.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) had its price target dropped by analysts at JPMorgan Chase & Co. from $26.00 to $23.00 in a report issued on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential downside of 2.34% from the stock's previous close.

Several other analysts also recently weighed in on MGY. Capital One Financial started coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, June 11th. They set an "overweight" rating and a $28.00 price target for the company. Bank of America increased their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 23rd. Truist Financial raised their price target on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. Piper Sandler cut their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 15th. Finally, Benchmark reiterated a "hold" rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $28.09.

Magnolia Oil & Gas Stock Up 0.9 %

MGY traded up $0.20 during midday trading on Thursday, reaching $23.55. The company's stock had a trading volume of 1,832,032 shares, compared to its average volume of 2,627,776. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.12 and a beta of 2.00. The stock's 50-day moving average is $25.30 and its 200-day moving average is $25.16.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 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 2.13 EPS for the current year.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently bought and sold shares of MGY. Vanguard Group Inc. increased its position in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company's stock valued at $538,654,000 after purchasing an additional 2,956,314 shares during the period. First Trust Advisors LP increased its stake in Magnolia Oil & Gas by 20.2% in the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company's stock valued at $215,602,000 after acquiring an additional 1,704,982 shares during the period. American Century Companies Inc. lifted its stake in Magnolia Oil & Gas by 9.9% during the second quarter. American Century Companies Inc. now owns 9,389,368 shares of the company's stock worth $237,927,000 after purchasing an additional 847,542 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Magnolia Oil & Gas by 16.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company's stock worth $114,554,000 after buying an additional 627,933 shares during the period. Finally, Wasatch Advisors LP boosted its stake in Magnolia Oil & Gas by 2.2% in the 4th quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company's stock valued at $78,331,000 after buying an additional 77,733 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company's stock.

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.