Goldman Sachs downgraded Magnolia Oil & Gas to Neutral from Buy with a price target of $26, down from $27. The firm views the catalyst pathway for Magnolia as largely played out. It estimates the company will maintain relatively flat production costs over the next two years as most of the larger, operational cost savings were captured with its cost savings initiative in early 2024. Without incremental catalysts for further efficiencies, share price outperformance is likely to remain more moderated relative to 2024, the analyst tells investors in a research note.
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