Danny Lennon's side are just two points clear of the relegation play-off spot and have won just one of their last eight matches.
Magennis, who has signed on loan from Aberdeen until the end of the season, made his debut in Sunday's 1-0 defeat by Celtic and believes his side are capable of manoeuvring themselves away from danger and up the league. "It's frustrating to be down there because we think we're better than the situation we're in," said the Northern Irishman.
"We don't believe we should be worrying about relegation battles, but that we should be looking at the top six and the top four. A run of three or four games and you could be pushing for seventh. I know it's a long shot but I'm confident in my ability and from what I've seen of the players I'm confident about their ability. I'm really confident that we'll click and hopefully when we do we'll come back with some wins."
Magennis could have been appearing in the League Cup final next month had he remained at Pittodrie but he has no regrets about the move. "I went from the team in second to the team that's struggled to hit form," he added. "But it wasn't a hard decision to make. I could have easily stayed up there and got my bonuses. But football isn't about being on the bench or running up and down the sidelines, it's about doing a graft Monday to Friday and playing 90 minutes on a Saturday.
"That's the opportunity I've got here from Danny Lennon. I was honest with him and he was honest with me. He said if I got my chance it was up to me to keep it.
"I just wanted a chance and the decision was made quite easy for me, because when I spoke to him the passion he showed and the love he has for the players, the club and his plans made it an easy sell."
Magennis could have embroidered his debut performance with a goal but was denied by Fraser Forster who extended his clean sheet record by making a smart save around the hour mark. The 23 year-old, though, felt that St Mirren had played well to restrict the champions to one goal.
"All in all our gameplan worked very well - apart from the goal in the first five minutes we limited their chances apart from the one at the end when Anthony Stokes went one-on-one. We unsettled them and the crowd made it feel that way when they were on their backs. We showed we've made progress."