The stock of Magnolia Oil & Gas Corporation (NYSE:MGY) is now priced at $6.63 and the shares are 0.23 points up or 3.59% higher compared to its previous closing price of $6.4. MGY shares have a float of 106 million and although its performance was 10.87% over the week, it’s one to watch. Analysts have given the MGY stock a yearly average price target of $6.52 per share. It means the stock’s downside potential is -1.66% with the MGY share price recently placing at $6.335 to $6.72. However, some brokerage firms have priced the stock below the average, including one that has called $6.75.
The shorts are running away from the Magnolia Oil & Gas Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MGY shares have declined. Short interest in the stock represents just 16.6% of its float, but the volume has dropped by 0.
In the last trading session, Magnolia Oil & Gas Corporation (NYSE:MGY) raised by $0.65 over the week and gained $0.65 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.28. The stock recorded its established 52-week high on 01/06/20.
Since 03/18/20, the stock has traded to a low of $3.23 at 105.26%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Magnolia Oil & Gas Corporation’s two-week RSI is 54.49. This suggests that the stock is neutral at the moment and that MGY shares’ price movement remains stable. The stochastic readings are equally revealing at 34.04% meaning the MGY share price is currently in neutral territory.
The technical chart shows that the MGY stock will likely settle at between $6.79 and $6.95 per share. However, if the stock dips below $6.4, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.18.
Currently, the stock is trading in the green of MACD, with a reading of 0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Barclays raised their recommendation for MGY from Equal Weight to Overweight in August 27 review while maintain their target price of $8. Goldman analysts see the stock as a Buy with a target price of $8 in a flash note released to investors on August 13 initiating covering the stock. Seaport Global Securities analysts see the stock as Neutral when the analysts initiated the share price coverage on July 27.
The average rating for the MGY equity is 2.43 and is currently gathering a bullish momentum. Of 15 analysts tracking Magnolia Oil & Gas Corporation polled by Reuters, 6 rated MGY as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MGY stock price is 11.99X ahead of its 12-month Consensus earnings per share estimates.