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 $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 $55.95 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 Siebert Williams Shank on October 15, 2024, Magnolia Oil & Gas Corp [MGY] has been rated down from a Buy to a Hold and the price target has been revised to $30. Analysts at Wells Fargo downgraded the stock from ‘”an Equal weight”‘ to ‘”an Underweight”‘ outlook in a report released in early October. As of July 18, 2024, Wolfe Research has initiated its “an Outperform” rating for MGY. Earlier on April 19, 2024, Piper Sandler downgraded its rating. Their new recommendation was “a Neutral” for MGY stock which previously was a “an Overweight”.
Analyzing MGY Stock Performance
During the last five days, there has been a drop of approximately -3.72%. Over the course of the year, Magnolia Oil & Gas Corp shares have jumped approximately 25.18%. Shares of the company reached a 52-week high of $29.02 on 11/22/24 and a 52-week low of $19.16 on 01/19/24. A 50-day SMA is recorded $26.47, while a 200-day SMA reached $25.45. Nevertheless, trading volume fell to 0.99 million shares from 0.87 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 26.53, which, if violated, would cause prices to drop to 26.40. In the upper region, resistance lies at 26.85. The next price resistance is at 27.04. RSI (Relative Strength Index) is 45.70 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.68, which suggests the price will decrease in the coming days. Percent R is at 86.18%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
