Magnolia Oil & Gas Co. Expected to Post Q3 2024 Earnings of $0.62 Per Share (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Stock analysts at Capital One Financial boosted their Q3 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research report issued on Thursday, August 1st. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $0.62 per share for the quarter, up from their previous forecast of $0.61. Capital One Financial currently has a “Overweight” rating and a $28.00 price target on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.22 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $2.29 EPS, Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.71 EPS, Q4 2025 earnings at $0.73 EPS, FY2025 earnings at $2.75 EPS and FY2026 earnings at $2.82 EPS.

Other equities analysts have also recently issued reports about the stock. Wolfe Research started coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective for the company. Citigroup raised their price target on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a research note on Monday, April 15th. Piper Sandler reiterated a “neutral” rating and issued a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Friday, April 19th. Mizuho increased their target price on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, Wells Fargo & Company lowered their price target on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $29.00.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $23.53 on Monday. The business’s 50 day moving average price is $25.41 and its 200-day moving average price is $24.48. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.90 and a beta of 2.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.71.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The business had revenue of $319.42 million during the quarter, compared to analysts’ expectations of $308.21 million.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently modified their holdings of the company. Brown Advisory Inc. purchased a new position in shares of Magnolia Oil & Gas in the 4th quarter valued at $694,000. Nordea Investment Management AB lifted its holdings in shares of Magnolia Oil & Gas by 37.1% in the 1st quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after purchasing an additional 141,046 shares during the last quarter. Maryland State Retirement & Pension System acquired a new stake in shares of Magnolia Oil & Gas in the 1st quarter valued at about $1,721,000. Texas Permanent School Fund Corp purchased a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $4,207,000. Finally, Allspring Global Investments Holdings LLC increased its position in Magnolia Oil & Gas by 9.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock worth $64,751,000 after buying an additional 274,908 shares during the period. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Magnolia Oil & Gas

In other news, Director John B. Walker sold 12,000,000 shares of Magnolia Oil & Gas stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total value of $306,960,000.00. Following the completion of the sale, the director now directly owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by insiders.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. Its properties are located primarily in Karnes County and the Giddings area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.