Zacks Investment Research Upgrades Magnolia Oil & Gas (MGY) to “Buy”

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Magnolia Oil & Gas (NYSE:MGY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $14.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 13.91% from the company’s previous close.

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. “

A number of other equities analysts have also recently issued reports on the company. Mitsubishi UFJ Financial Group reissued an “overweight” rating on shares of Magnolia Oil & Gas in a report on Thursday, October 25th. Imperial Capital reissued a “buy” rating and issued a $18.00 target price (up from $16.00) on shares of Magnolia Oil & Gas in a report on Wednesday, August 22nd. Finally, SunTrust Banks assumed coverage on Magnolia Oil & Gas in a report on Thursday, August 2nd. They issued a “buy” rating for the company.

Shares of MGY opened at $12.29 on Tuesday. Magnolia Oil & Gas has a 1 year low of $9.66 and a 1 year high of $15.23. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.15.

In related news, Director John B. Walker bought 160,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was acquired at an average cost of $13.76 per share, with a total value of $2,201,600.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Christopher G. Stavros bought 10,000 shares of the company’s stock in a transaction dated Friday, September 7th. The stock was bought at an average cost of $13.59 per share, with a total value of $135,900.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 252,333 shares of company stock valued at $2,747,619.

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $302,000,000. Vanguard Group Inc. acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $113,312,000. Capital World Investors acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $60,040,000. Alliancebernstein L.P. acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $20,035,000. Finally, Point72 Asset Management L.P. acquired a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $15,707,000. 40.86% of the stock is owned by institutional investors and hedge funds.

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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