Zacks: Magnolia Oil & Gas Corp (MGY) Given $20.38 Average Target Price by Analysts

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Shares of Magnolia Oil & Gas Corp (NYSE:MGY) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the four analysts that cover the stock, Zacks Investment Research reports. Four analysts have rated the stock with a strong buy rating.

Brokers have set a 1-year consensus price target of $20.38 for the company and are forecasting that the company will post $0.43 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Magnolia Oil & Gas an industry rank of 73 out of 257 based on the ratings given to its competitors.

Several equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Wednesday, October 17th. Imperial Capital reiterated a “buy” rating and set a $18.00 price objective (up previously from $16.00) on shares of Magnolia Oil & Gas in a report on Wednesday, August 22nd. Mitsubishi UFJ Financial Group reiterated an “overweight” rating on shares of Magnolia Oil & Gas in a report on Thursday, October 25th. Finally, SunTrust Banks began coverage on shares of Magnolia Oil & Gas in a report on Thursday, August 2nd. They set a “buy” rating on the stock.

In related news, Director Arcilia Acosta acquired 17,950 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were purchased at an average price of $13.90 per share, for a total transaction of $249,505.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Stephen I. Chazen acquired 10,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were bought at an average price of $13.94 per share, for a total transaction of $139,400.00. The disclosure for this purchase can be found here. Insiders have bought 252,333 shares of company stock worth $2,747,619 in the last quarter.

Several hedge funds and other institutional investors have recently made changes to their positions in MGY. Fox Run Management L.L.C. acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $164,000. Emerald Advisers Inc. PA acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $232,000. Acadian Asset Management LLC acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $310,000. Clear Harbor Asset Management LLC acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $552,000. Finally, Teton Advisors Inc. acquired a new position in shares of Magnolia Oil & Gas during the third quarter valued at about $740,000. Hedge funds and other institutional investors own 25.98% of the company’s stock.

MGY stock traded down $0.18 during midday trading on Monday, hitting $12.07. The stock had a trading volume of 980,162 shares, compared to its average volume of 1,016,364. Magnolia Oil & Gas has a 1-year low of $9.66 and a 1-year high of $15.23.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.92). Equities analysts anticipate that Magnolia Oil & Gas will post 1.37 earnings per share for the current fiscal year.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation operates as an oil and gas exploration and production company. It has operations in South Texas in the core of the Eagle Ford. The company is headquartered in Houston, Texas.

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