Wells Fargo Sticks to Its Hold Rating for Magnolia Oil & Gas (MGY)

In a report released yesterday, Hanwen Chang from Wells Fargo maintained a Hold rating on Magnolia Oil & Gas (MGY – Research Report), with a price target of $27.00. The company’s shares closed yesterday at $25.82.

According to TipRanks, Chang is a 4-star analyst with an average return of 16.2% and a 76.47% success rate. Chang covers the Energy sector, focusing on stocks such as Magnolia Oil & Gas, Matador Resources, and SM Energy.

In addition to Wells Fargo, Magnolia Oil & Gas also received a Hold from J.P. Morgan’s Zach Parham in a report issued on April 10. However, on April 15, Citi maintained a Sell rating on Magnolia Oil & Gas (NYSE: MGY).

Based on Magnolia Oil & Gas’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $322.63 million and a net profit of $98.44 million. In comparison, last year the company earned a revenue of $349.04 million and had a net profit of $231.74 million

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Magnolia Oil & Gas (MGY) Company Description:

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.