KeyBanc analyst Tim Rezvan last night upgraded Magnolia Oil & Gas to Overweight from Sector Weight with a $29 price target as part of a Q3 earnings preview for the exploration and production sector. Magnolia’s “best-in-class” balance sheet and “proven strategy make it a safe haven amid commodity price turbulence,” the analyst tells investors in a research note. The firm believes this justifies a premium valuations relative to peers.
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