Wells Fargo analyst Hanwen Chang upgraded Magnolia Oil & Gas to Equal Weight from Underweight with a price target of $22, up from $21. The company’s “sustained execution” and capital framework that is well aligned with the current macro backdrop support a more balanced view of the shares, the analyst tells investors in a research note. The firm believes Magnolia’s low reinvestment profile, modest production growth, and recurring shareholder returns underpin free cash flow stability.
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