JPMorgan Chase & Co. Issues Pessimistic Forecast for Magnolia Oil & Gas (NYSE:MGY) Stock Price

Magnolia Oil & Gas (NYSE:MGY) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $28.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.13% from the company’s current price.

MGY has been the topic of a number of other research reports. Johnson Rice lowered Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group downgraded Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $26.00 in a research note on Friday, January 31st. Piper Sandler increased their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. Truist Financial increased their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Bank of America reissued 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.77.

Magnolia Oil & Gas Trading Up 3.2 %

Shares of NYSE:MGY opened at $23.27 on Thursday. Magnolia Oil & Gas has a 1 year low of $21.63 and a 1 year high of $29.02. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 3.01 and a beta of 1.90. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 1.47. The business’s 50 day moving average price is $24.12 and its 200-day moving average price is $25.05.

Magnolia Oil & Gas (NYSE:MGY) 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. Magnolia Oil & Gas had a return on equity of 20.74% and a net margin of 27.82%. The firm had revenue of $326.61 million for the quarter, compared to analyst estimates of $327.40 million. On average, equities research analysts forecast that Magnolia Oil & Gas will post 2.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, CEO Christopher G. Stavros acquired 2,500 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $22.05 per share, with a total value of $55,125.00. Following the transaction, the chief executive officer now owns 892,372 shares of the company’s stock, valued at $19,676,802.60. This trade represents a 0.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently modified their holdings of MGY. Atria Investments Inc increased its position in shares of Magnolia Oil & Gas by 2.3% during the 3rd quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after purchasing an additional 523 shares during the last quarter. Covestor Ltd increased its position in shares of Magnolia Oil & Gas by 36.8% during the 3rd quarter. Covestor Ltd now owns 2,986 shares of the company’s stock worth $73,000 after purchasing an additional 804 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Magnolia Oil & Gas by 4.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 77,092 shares of the company’s stock worth $1,883,000 after purchasing an additional 3,230 shares during the last quarter. OneDigital Investment Advisors LLC increased its position in shares of Magnolia Oil & Gas by 6.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 15,304 shares of the company’s stock worth $374,000 after purchasing an additional 933 shares during the last quarter. Finally, Valley Wealth Managers Inc. increased its position in shares of Magnolia Oil & Gas by 1.9% during the 3rd quarter. Valley Wealth Managers Inc. now owns 673,064 shares of the company’s stock worth $16,436,000 after purchasing an additional 12,676 shares during the last quarter. 94.73% of the stock is owned by institutional investors and hedge funds.

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.