Wells Fargo analyst Hanwen Chang raised the firm’s price target on Magnolia Oil & Gas to $27 from $23 and keeps an Equal Weight rating on the shares ahead of quarterly results. Management continues to feel confident about achieving Magnolia Oil & Gas’ FY24 production growth target of 7%-9% for both oil & total production and maintaining oil ratio at 41%-42% levels. Wells sees potential upside to Q2 production guide, but downside risk to oil ratio.
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