Magnolia Oil & Gas (MGY) Gets a Buy Rating from KeyBanc
KeyBanc analyst Leo Mariani maintained a Buy rating on Magnolia Oil & Gas (MGY) today and set a price target of $8.00. The company’s shares closed last Monday at $4.04, close to its 52-week low of $3.23.
According to TipRanks.com, Mariani has 0 stars on 0-5 star ranking scale with an average return of -20.8% and a 28.0% success rate. Mariani covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development, Continental Resources, and Black Stone Minerals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magnolia Oil & Gas with a $7.00 average price target, which is a 70.3% upside from current levels. In a report issued on March 16, Susquehanna also maintained a Buy rating on the stock with a $6.00 price target.
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Based on Magnolia Oil & Gas’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $230 million and net profit of $8.12 million. In comparison, last year the company earned revenue of $255 million and had a net profit of $32.92 million.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MGY in relation to earlier this year.
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Magnolia Oil & Gas Corp. is engaged in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.