Piper Sandler raised the firm’s price target on Magnolia Oil & Gas to $26 from $23 and keeps a Neutral rating on the shares. Coming off strong Q4 2025 and FY25 results, the firm updates estimates to account for formal Q1 2026/FY26 guidance and 137% organic PDP reserve replacement. The company anticipates flat capital spending in FY26 to drive 5% production growth, with a bias toward lower spending on further efficiencies and lower service costs.
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