Magnolia Oil & Gas Corp (NYSE:MGY) Sees Significant Growth in Short Interest

Magnolia Oil & Gas Corp (NYSE:MGY) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 17,894,100 shares, an increase of 24.9% from the May 30th total of 14,324,000 shares. Approximately 17.5% of the shares of the company are sold short. Based on an average trading volume of 1,300,000 shares, the days-to-cover ratio is currently 13.8 days.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc acquired a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth approximately $25,000. PNC Financial Services Group Inc. lifted its stake in Magnolia Oil & Gas by 449.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,792 shares of the company’s stock valued at $98,000 after purchasing an additional 7,192 shares during the last quarter. Starr International Co. Inc. bought a new position in Magnolia Oil & Gas in the 1st quarter valued at approximately $120,000. First Mercantile Trust Co. bought a new position in Magnolia Oil & Gas in the 1st quarter valued at approximately $128,000. Finally, Bank of America Corp DE bought a new position in Magnolia Oil & Gas in the 4th quarter valued at approximately $149,000. Institutional investors and hedge funds own 67.23% of the company’s stock.

Shares of NYSE MGY traded up $0.01 during trading hours on Friday, hitting $10.87. 70,024 shares of the stock were exchanged, compared to its average volume of 1,776,539. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average of $11.29. Magnolia Oil & Gas has a 1-year low of $9.88 and a 1-year high of $15.23.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly 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 company had revenue of $218.67 million for the quarter, compared to analyst estimates of $221.11 million. On average, equities research analysts forecast that Magnolia Oil & Gas will post 0.69 earnings per share for the current year.

MGY has been the topic of several research analyst reports. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. JPMorgan Chase & Co. set a €158.00 ($183.72) target price on shares of Aena SME and gave the stock a “neutral” rating in a research report on Tuesday, April 9th. Credit Suisse Group restated a “buy” rating and set a $241.00 target price on shares of FedEx in a research report on Monday, April 1st. Piper Jaffray Companies set a $92.00 target price on shares of Wintrust Financial and gave the stock a “buy” rating in a research report on Monday. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $16.08.

About Magnolia Oil & Gas

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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