Magnolia Oil & Gas initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Magnolia Oil & Gas with an Equal Weight rating and $23 price target. The analyst expects near-term capital efficiency headwinds for Magnolia , driven by continued movement toward full-field development and as its capital shifts to non-core areas in Giddings. The stock’s valuation also screens relatively richer versus peers, the analyst tells investors in a research note.