The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Magnolia Oil & Gas Corp shares valued at $181,020,000 were sold by EnerVest, Ltd. on Sep 23 ’24. At $25.86 per share, EnerVest, Ltd. sold 7,000,000 shares. The insider’s holdings dropped to 2,099,403 shares worth approximately $55.42 million following the completion of this transaction.
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Also, Walker John B sold 7,000,000 shares, netting a total of over 181,020,000 in proceeds. Following the sale of shares at $25.86 each, the insider now holds 2,099,403 shares.
Before that, EnerVest Energy Institutional had added 644,724 shares to its account. In a trade valued at $16,704,799, the Director bought Magnolia Oil & Gas Corp shares for $25.91 each.
As published in a research note from Wells Fargo on October 01, 2024, Magnolia Oil & Gas Corp [MGY] has been rated down from an Equal weight to an Underweight and the price target has been revised to $22 from $26. Analysts at Wolfe Research started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid July. As of April 19, 2024, Piper Sandler has decreased its “an Overweight” rating to a “Neutral” for MGY. Earlier on February 27, 2024, BofA Securities initiated its rating. Their recommendation was “a Buy” for MGY stock.
Analyzing MGY Stock Performance
During the last five days, there has been a surge of approximately 4.76%. Over the course of the year, Magnolia Oil & Gas Corp shares have jumped approximately 24.00%. Shares of the company reached a 52-week high of $27.63 on 08/01/24 and a 52-week low of $19.16 on 01/19/24. A 50-day SMA is recorded $24.90, while a 200-day SMA reached $24.25. Nevertheless, trading volume fell to 1.55 million shares from 2.66 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 25.91, which, if violated, would cause prices to drop to 25.42. In the upper region, resistance lies at 26.65. The next price resistance is at 26.90. RSI (Relative Strength Index) is 58.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.96, which suggests the price will decrease in the coming days. Percent R is at 22.21%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
