- Magnolia Oil & Gas (MGY +3.3%) marches higher as Piper Sandler upgrades shares to Overweight from Neutral with a $16 price target, raised from $13, as consistent performance in Giddings boosts confidence in the sustainability of the company's capital return growth.
- "Repeatable performance and inventory expansion" in the Giddings core are key to the Magnolia investment thesis, says Piper analyst Mark Lear, who expects "investor confidence in the asset and capital return story to gain momentum as more multi-well pad data becomes available."
- Magnolia has "consistently delivered on investor demands for capital discipline and return with one of the best balance sheets in the sector," Lear says, expecting the stock will gain increasing investor interest.
- Magnolia shares are inexpensive in light of the strong balance sheet and the coming dividend, Steve Zachritz writes in a bullish analysis published recently on Seeking Alpha.
Magnolia Oil upgraded at Piper Sandler as performance drives confidence
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Symbol | Last Price | % Chg |
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Magnolia Oil & Gas Corporation |