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Magnolia Oil & Gas Corp (MGY) gets rating Downgrade from Piper Sandler

Magnolia Oil & Gas Corp’s recent filing unveils that its Director Walker John B unloaded Company’s shares for reported $306.96 million on May 14 ’24. In the deal valued at $25.58 per share,12,000,000 shares were sold. As a result of this transaction, Walker John B now holds 4,164,961 shares worth roughly $106.04 million.

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Then, EnerVest, Ltd. sold 12,000,000 shares, generating $306,960,000 in total proceeds. Upon selling the shares at $25.58, the Director now owns 4,164,961 shares.

Before that, LARSON JAMES R bought 1,000 shares. Magnolia Oil & Gas Corp shares valued at $23,520 were divested by the Director at a price of $23.52 per share. As a result of the transaction, LARSON JAMES R now holds 76,671 shares, worth roughly $1.95 million.

Piper Sandler downgraded its Magnolia Oil & Gas Corp [MGY] rating to a Neutral from a an Overweight in a research note published recently. A number of analysts have revised their coverage, including BofA Securities’s analysts, who began to cover the stock in late February with a ‘”a Buy”‘ rating. Citigroup also remained covering MGY and has decreased its forecast on December 11, 2023 with a “Sell” recommendation from previously “Neutral” rating. Wells Fargo started covering the stock on November 15, 2023. It rated MGY as “an Equal weight”.

Price Performance Review of MGY

On Monday, Magnolia Oil & Gas Corp [NYSE:MGY] saw its stock jump 0.20% to $25.46. Over the last five days, the stock has gained 0.47%. Magnolia Oil & Gas Corp shares have risen nearly 19.59% since the year began. Nevertheless, the stocks have risen 24.50% over the past one year. While a 52-week high of $27.33 was reached on 04/12/24, a 52-week low of $19.16 was recorded on 01/19/24. SMA at 50 days reached $25.23, while 200 days put it at $23.17. A total of 1.3 million shares were traded, compared to the trading of 0.96 million shares in the previous session.

Levels Of Support And Resistance For MGY Stock

The 24-hour chart illustrates a support level at 25.24, which if violated will result in even more drops to 25.02. On the upside, there is a resistance level at 25.63. A further resistance level may holdings at 25.80. The Relative Strength Index (RSI) on the 14-day chart is 53.79, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.41, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 23.83%. Stochastics%K at 82.98% indicates the stock is a selling.

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