Wells Fargo analyst Hanwen Chang raised the firm’s price target on Magnolia Oil & Gas to $27 from $23 and keeps an Equal Weight rating on the shares ahead of quarterly results. Management continues to feel confident about achieving Magnolia Oil & Gas’ FY24 production growth target of 7%-9% for both oil & total production and maintaining oil ratio at 41%-42% levels. Wells sees potential upside to Q2 production guide, but downside risk to oil ratio.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGY:
- Magnolia Oil & Gas price target raised to $22 from $18 at Citi
- Magnolia Oil & Gas price target raised to $26 from $24 at Mizuho
- S&P announces changes to S&P 600 index at open on 3/18
- Magnolia Oil & Gas price target raised to $23 from $21 at Wells Fargo
- Magnolia Oil & Gas initiated with a Buy at BofA
Questions or Comments about the article? Write to editor@tipranks.com