UPDATE: KeyBanc Starts Magnolia Oil & Gas Corp. (MGY) at Overweight

KeyBanc analyst Tim Revzan initiates coverage on Magnolia Oil & Gas Corp. (NYSE: MGY) with a Overweight rating and a price target of $28.00.

The analyst comments "Magnolia was a low leverage and low reinvestment rate story before it was the industry norm. The bull/bear debate on MGY shares has hinged on the Giddings field’s resource quality, a debate now answered by strong drill-bit results since 2018. No small/mid cap management team has the pedigree, experience, and discipline of Magnolia’s, in our view. Their ability to grow production per share makes them a differentiated growth/income story with significant upside, in our view, especially as the overhang from a large private equity shareholder with an 18% equity position fades."

For an analyst ratings summary and ratings history on Magnolia Oil & Gas Corp. click here. For more ratings news on Magnolia Oil & Gas Corp. click here.

Shares of Magnolia Oil & Gas Corp. closed at $22.70 yesterday.

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