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Magnolia Oil & Gas Corp [NYSE: MGY] Sees Increase in Stock Value

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Magnolia Oil & Gas Corp shares valued at $306,960,000 were sold by Walker John B on May 14 ’24. At $25.58 per share, Walker John B sold 12,000,000 shares. The insider’s holdings dropped to 4,164,961 shares worth approximately $108.08 million following the completion of this transaction.

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Also, EnerVest, Ltd. sold 12,000,000 shares, netting a total of over 306,960,000 in proceeds. Following the sale of shares at $25.58 each, the insider now holds 4,164,961 shares.

Before that, LARSON JAMES R had added 1,000 shares to its account. In a trade valued at $23,520, the Director bought Magnolia Oil & Gas Corp shares for $23.52 each. Upon closing the transaction, the insider’s holdings increased to 1,000 shares, worth approximately $1.99 million.

As published in a research note from Piper Sandler on April 19, 2024, Magnolia Oil & Gas Corp [MGY] has been rated down from an Overweight to a Neutral and the price target has been revised to $29. Analysts at BofA Securities started covering the stock with ‘”a Buy”‘ outlook in a report released in late February. As of December 11, 2023, Citigroup has decreased its “Neutral” rating to a “Sell” for MGY. Earlier on November 15, 2023, Wells Fargo initiated its rating. Their recommendation was “an Equal weight” for MGY stock.

Analyzing MGY Stock Performance

During the last five days, there has been a surge of approximately 3.59%. Over the course of the year, Magnolia Oil & Gas Corp shares have jumped approximately 21.89%. Shares of the company reached a 52-week high of $27.33 on 04/12/24 and a 52-week low of $19.16 on 01/19/24. A 50-day SMA is recorded $25.25, while a 200-day SMA reached $23.15. Nevertheless, trading volume fell to 0.96 million shares from 1.92 million shares the previous day.

Support And Resistance Levels for Magnolia Oil & Gas Corp (MGY)

According to the 24-hour chart, there is a support level at 25.67, which, if violated, would cause prices to drop to 25.34. In the upper region, resistance lies at 26.17. The next price resistance is at 26.34. RSI (Relative Strength Index) is 60.89 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.62, which suggests the price will decrease in the coming days. Percent R is at 1.28%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

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