Magnolia Oil & Gas Corporation (MGY) Is Up, So Why Am I Smiling?

The biggest gainers of the session on the Wall Street include Magnolia Oil & Gas Corporation (NYSE:MGY), which rose 0.31 points or 2.81% to trade at $11.35 as last check. The stock closed last session at $11.04 and sets an active trading volume day with a reported 322782 contracts so far this session. MGY shares had a relatively better volume day versus average trading capacity of 1.24 million shares, but with a 0.11 billion float and a -4.75% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MGY stock indicates that the average analyst price target is $14.18 per share. This means the stock has a potential increase of 24.93% from where the MGY share price has been trading recently which is between $10.88 and $11.16.

During the recent trading session for Magnolia Oil & Gas Corporation (NYSE:MGY), the company witnessed their stock drop by $-0.03 over a week and surge $0.16 from the price 20 days ago. When compared to their established 52-week high of $14.13, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 04/24/19. The recent low of $9.27 stood for a -19.67% since 07/08/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Magnolia Oil & Gas Corporation, the two-week RSI stands at 53.85. This figure suggests that MGY stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MGY readings is similarly very revealing as it has a stochastic reading of 35.93% at this stage. This figure means that MGY share price today is being neutral.

Technical chart claims that Magnolia Oil & Gas Corporation (MGY) would settle between $11.17/share to $11.31/share level. However, if the stock price goes below the $10.89 mark, then the market for Magnolia Oil & Gas Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $10.75 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.12. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Johnson Rice lowered their recommendation on shares of MGY from Buy to Accumulate in their opinion released on November 19. KeyBanc Capital Markets, analysts launched coverage of Magnolia Oil & Gas Corporation (NYSE:MGY) stock with a Overweight recommendation, according to their flash note issued to investors on November 18. Analysts at Barclays, made their first call for the equity with a Overweight recommendation, according to a research note that dated back to August 30.

MGY equity has an average rating of 1.92, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 12 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 12 analysts rated Magnolia Oil & Gas Corporation (NYSE:MGY) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, MGY stock price is currently trading at 31.82X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 13.1. Magnolia Oil & Gas Corporation current P/B ratio of 1.6 means it is trading at a premium against its industry’s 1.1.

Magnolia Oil & Gas Corporation (MGY)’s current-quarter revenues are projected to climb by nearly -3.8% to hit $245360, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -0.7% from $959680 to a noteworthy $953000. At the other end of the current quarter income statement, Magnolia Oil & Gas Corporation is expected to see its adjusted earnings surge by roughly -66.7% to hit $0.07 per share. For the fiscal year, MGY’s earnings are projected to climb by roughly -79.8% to hit $0.33 per share.