Magnolia Oil & Gas (NYSE:MGY) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Magnolia Oil & Gas (NYSE:MGY) from a sell rating to a hold rating in a report released on Saturday morning, Zacks.com reports.

According to Zacks, “Magnolia Oil & Gas Corporation is an oil producer. The company’s assets are located primarily in the Eagle Ford Shale and Austin Chalk formations in South Texas. Magnolia Oil & Gas Corporation, formerly known as TPG Pace Energy Holdings, is based in Houston, Texas. “

MGY has been the subject of several other reports. Wells Fargo & Co assumed coverage on shares of Magnolia Oil & Gas in a report on Monday, May 20th. They issued an outperform rating and a $16.00 price objective for the company. TheStreet raised Magnolia Oil & Gas from a d rating to a c- rating in a research report on Tuesday, August 6th. ValuEngine downgraded Magnolia Oil & Gas from a hold rating to a sell rating in a report on Tuesday, July 2nd. Piper Jaffray Companies began coverage on Magnolia Oil & Gas in a research report on Monday, July 8th. They issued an overweight rating and a $14.00 target price for the company. Finally, Barclays assumed coverage on Magnolia Oil & Gas in a research note on Friday, August 30th. They issued an overweight rating and a $13.00 target price for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $15.92.

Shares of NYSE MGY opened at $10.80 on Friday. The firm has a fifty day simple moving average of $10.31 and a two-hundred day simple moving average of $11.66. Magnolia Oil & Gas has a 12 month low of $9.27 and a 12 month high of $15.23. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.15 and a current ratio of 1.15.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. The company had revenue of $242.96 million for the quarter, compared to the consensus estimate of $239.51 million. As a group, analysts predict that Magnolia Oil & Gas will post 0.46 earnings per share for the current fiscal year.

In other Magnolia Oil & Gas news, Chairman Stephen I. Chazen bought 25,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $10.22 per share, with a total value of $255,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.90% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in MGY. Envestnet Asset Management Inc. boosted its holdings in Magnolia Oil & Gas by 5.7% in the second quarter. Envestnet Asset Management Inc. now owns 24,554 shares of the company’s stock worth $284,000 after acquiring an additional 1,331 shares in the last quarter. Aperio Group LLC purchased a new position in shares of Magnolia Oil & Gas in the 2nd quarter worth about $25,000. Amica Retiree Medical Trust boosted its stake in Magnolia Oil & Gas by 5.0% in the 2nd quarter. Amica Retiree Medical Trust now owns 60,641 shares of the company’s stock worth $702,000 after purchasing an additional 2,877 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Magnolia Oil & Gas in the 2nd quarter worth about $71,000. Finally, Bank of Montreal Can purchased a new stake in Magnolia Oil & Gas during the 2nd quarter valued at about $98,000. Hedge funds and other institutional investors own 66.99% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

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