Magnolia Oil & Gas price target raised to $23 from $21 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on Magnolia Oil & Gas to $23 from $21 and keeps an Equal Weight rating on the shares. Magnolia’s recent acquisition and oil growth in Karnes County contributed to a rebound in oil ratio during Q4, the analyst tells investors in a research note. The firm expects the oil ratio to decline year over year, despite strong volume growth in 2024.