Magnolia Oil & Gas price target lowered to $29 from $32 at Citi

Citi lowered the firm's price target on Magnolia Oil & Gas to $29 from $32 and keeps a Neutral rating on the shares. The firm updated its model with revised estimates into earnings, resulting in discretionary cash flow of roughly $331M versus consensus for about $320M with the difference predominantly driven by the firm's slightly higher pricing assumptions, the analyst tells investors in a research note. The firm added that it expects Magnolia's ground game M&A in Giddings to have held the recent trend with moderate activity and anticipates strong interest on the call in larger-scale M&A given recent news flow.