Magnolia Oil & Gas price target raised to $26 from $25 at Mizuho

Mizuho analyst Nitin Kumar raised the firm’s price target on Magnolia Oil & Gas to $26 from $25 and keeps a Neutral rating on the shares. The company’s acquisitions of 48,000 net acres in the Giddings area does not address key investor concerns regarding the long-term inventory depth and strategy for the company, the analyst tells investors in a research note. While the deal appears to add acreage with a much higher oil mix, implied capital spending is nominal and thus, unlikely to reverse the declining oil mix for the company, says the firm.