Magnolia Oil & Gas (NYSE:MGY) Sees Unusually-High Trading Volume

Magnolia Oil & Gas Corp (NYSE:MGY) shares saw strong trading volume on Friday . 14,588,122 shares changed hands during mid-day trading, an increase of 1,099% from the previous session’s volume of 1,216,350 shares.The stock last traded at $11.58 and had previously closed at $11.51.

Several equities analysts recently issued reports on the company. Wells Fargo & Co assumed coverage on Magnolia Oil & Gas in a research report on Monday, May 20th. They issued an “outperform” rating and a $16.00 price target on the stock. Zacks Investment Research upgraded Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. assumed coverage on Magnolia Oil & Gas in a research report on Tuesday, April 9th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, Credit Suisse Group assumed coverage on Magnolia Oil & Gas in a research report on Monday, April 1st. They issued an “outperform” rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $16.27.

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50-day moving average of $11.58.

Magnolia Oil & Gas (NYSE:MGY) last released its earnings results on Monday, May 6th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). The business had revenue of $218.67 million during the quarter, compared to the consensus estimate of $221.11 million. On average, research analysts expect that Magnolia Oil & Gas Corp will post 0.7 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc acquired a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $25,000. PNC Financial Services Group Inc. increased its position in Magnolia Oil & Gas by 449.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,792 shares of the company’s stock worth $98,000 after purchasing an additional 7,192 shares during the period. Starr International Co. Inc. acquired a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $120,000. First Mercantile Trust Co. acquired a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $128,000. Finally, Albert D Mason Inc. acquired a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $152,000. Institutional investors own 67.23% of the company’s stock.

Magnolia Oil & Gas Company Profile (NYSE:MGY)

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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