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 $4,714,373 were purchased by Millican Steve on Jan 08 ’25. At $24.14 per share, Millican Steve acquired 195,293 shares.
Also, EnerVest, Ltd. 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, Walker John B had sold 7,000,000 shares from its account. In a trade valued at $181,020,000, the Director traded Magnolia Oil & Gas Corp shares for $25.86 each. Upon closing the transaction, the insider’s holdings decreased to 7,000,000 shares, worth approximately $55.8 million.
As published in a research note from BofA Securities on January 13, 2025, Magnolia Oil & Gas Corp [MGY] has been rated down from a Buy to a Neutral and the price target has been revised to $28 from $29. Analysts at Siebert Williams Shank downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid October. As of October 01, 2024, Wells Fargo has decreased its “an Equal weight” rating to a “an Underweight” for MGY. Earlier on July 18, 2024, Wolfe Research initiated its rating. Their recommendation was “an Outperform” for MGY stock.
Analyzing MGY Stock Performance
During the last five days, there has been a surge of approximately 9.47%. Over the course of the year, Magnolia Oil & Gas Corp shares have jumped approximately 13.69%. Shares of the company reached a 52-week high of $26.68 on 01/15/25 and a 52-week low of $23.47 on 01/02/25. A 50-day SMA is recorded $25.76, while a 200-day SMA reached $25.53. Nevertheless, trading volume fell to 1.6 million shares from 2.12 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 26.31, which, if violated, would cause prices to drop to 26.04. In the upper region, resistance lies at 26.75. The next price resistance is at 26.92. RSI (Relative Strength Index) is 68.36 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.90, which suggests the price will increase in the coming days. Percent R is at 2.65%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
