KeyBanc maintained its Magnolia Oil & Gas [MGY] rating to the equivalent of Overweight but changed the price target to $9 from $8, in a research note dated 2021-01-07. That figure represents around a 7.59% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with Northland Capital’s analysts upgrading the shares from “a Market perform” rating to “an Outperform” rating in a research note to investors issued in early November. Meanwhile, Barclays had raised its rating on MGY to “an Overweight” from the earlier “an Equal weight”, in a research note produced for clients August 27, 2020. In addition, Goldman launched coverage on August 13, 2020. The research firm rated MGY “a Buy”.
Is Magnolia Oil & Gas Corporation [NYSE:MGY] a Good Buy Right Now?
It should be noted that MGY technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 88% Buy in the last week and compares with 56% Buy in the past month. Data from Magnolia Oil & Gas Corporation’s Trend Spotter indicated that the signals were Strongest. The stock current average is 1.5 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 1.79 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 1.66 million shares.
MGY Price Performance
On Wall Street, Magnolia Oil & Gas Corporation [NYSE:MGY] finished Wednesday’s session up 5.16% at $8.36. The stock went up to $8.37 at the same session while its lowest single day price was $7.935. In the last five days, it saw a rise of about 16.92%, Magnolia Oil & Gas Corporation shares gained by almost 18.41% since the beginning of the year. However, the share price has dropped to as low as -37.07% below its one year high. On 01/06/21, the company shares recorded $8.37, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $7.04. The company’s shares have declined by -35.19% in the past year. The 50-day SMA achieved is $6.36 while the 200-day SMA is $5.86. Volume dropped to 1.87 million from 4.07 million in the previous session.
MGY Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 8.07 level, and in case of violation of this particular level, it will cause more drop to 7.79 level. On the upper level, 8.66 is still the key resistance. The stock may increase to the subsequent resistance at 8.51. The Relative Strength Index (RSI) pinned on the 14-day chart is 66.45, implying a neutral technical stance while the MACD stands at 0.40, meaning price will decrease in the next trading period. Percent R indicator moved to 0.74%, implying bullish price movement. Stochastic %K at 73.42% suggest selling the stock.
What is the short interest in Magnolia Oil & Gas Corporation?
Short interest in the Magnolia Oil & Gas Corporation stock has plunged, decreasing by -0.6 million shares to total 20.2 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 19.6 million, data from Yahoo Finance shows. The increase of 2.97% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 20.94% of the overall float for the stock.
Magnolia Oil & Gas Corporation’s Biggest Shareholders: Who Owns Magnolia Oil & Gas Corporation [MGY]?
Filings by T. Rowe Price Associates, Inc. showed that the firm now holds a total of 17,394,760 shares or roughly 10.51% of the outstanding MGY shares. This means their shares have increased by 559,200 from the 17,394,760 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $74,593,456. Details in the latest 13F filings reveal that FIAM LLC acquired their 41.46% stake valued at $69,249,188 while Wellington Management Co. LLP cut theirs at $53,385,613. During the last quarter, FIAM LLC raised 3,247,454 of its shares in Magnolia Oil & Gas Corporation while Wellington Management Co. LLP sold -59,132 shares. The BlackRock Fund Advisors’s holdings currently number 7,822,709 shares at $65397847.24. According to the firm’s last 13F report, Silvercrest Asset Management Grou shares in the company at filing stood at 7,056,148 shares, roughly $44,100,925.
MGY Earnings Forecast For The Current Quarter
Magnolia Oil & Gas Corporation [MGY] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $140.91M and an earnings per share of $0.11 for Dec 2020. Looking further ahead, the company is expected to report revenue of $150.44M at an EPS of $0.13 for Mar 2021. The estimates represent downside of 21.90% and 19800.00% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
MGY Earnings Estimates For The Current Year
For the financial year, Magnolia Oil & Gas Corporation [NYSE:MGY] is expected to bring in revenue of $525.98M. The returns are nearly $-410.16 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 0.01, lower than that of FY19 by -$0.27. Estimates put this year’s earnings growth at -96.40%, 6,000.00% for the next, and at an annual 46.69% over the next 5-year period. As for sales, forecasts are for a decrease of -43.80% in the current fiscal year and a further 21.90% over the following year.