Magnolia Oil & Gas Co. Forecasted to Post Q2 2024 Earnings of $0.48 Per Share (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities research analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share (EPS) estimates for Magnolia Oil & Gas in a research note issued on Thursday, June 13th. Seaport Res Ptn analyst N. Pope now forecasts that the company will post earnings of $0.48 per share for the quarter, down from their previous estimate of $0.49. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.25 per share.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. The firm had revenue of $319.42 million for the quarter, compared to analyst estimates of $308.21 million. Magnolia Oil & Gas had a return on equity of 20.41% and a net margin of 30.46%.

A number of other brokerages have also commented on MGY. Bank of America started coverage on Magnolia Oil & Gas in a report on Tuesday, February 27th. They issued a “buy” rating and a $25.00 price target on the stock. The Goldman Sachs Group boosted their price target on Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Mizuho boosted their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Truist Financial boosted their price target on Magnolia Oil & Gas from $33.00 to $35.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Susquehanna boosted their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “positive” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $28.11.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $24.67 on Monday. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.33 and a beta of 2.00. The stock’s 50-day moving average is $25.39 and its 200-day moving average is $23.31. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.71 and a quick ratio of 1.71.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Magnolia Oil & Gas by 12.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,735,955 shares of the company’s stock valued at $39,771,000 after purchasing an additional 195,467 shares during the last quarter. Rhumbline Advisers grew its position in shares of Magnolia Oil & Gas by 1.0% in the third quarter. Rhumbline Advisers now owns 294,879 shares of the company’s stock valued at $6,756,000 after purchasing an additional 3,009 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of Magnolia Oil & Gas by 2.7% in the third quarter. Rafferty Asset Management LLC now owns 261,807 shares of the company’s stock valued at $5,998,000 after purchasing an additional 6,938 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Magnolia Oil & Gas in the third quarter valued at approximately $285,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Magnolia Oil & Gas by 59.7% in the third quarter. Envestnet Asset Management Inc. now owns 325,180 shares of the company’s stock valued at $7,450,000 after purchasing an additional 121,520 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, Director John B. Walker sold 12,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the transaction, the director now owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.40% of the company’s stock.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, May 10th. This represents a $0.52 annualized dividend and a yield of 2.11%. Magnolia Oil & Gas’s payout ratio is presently 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.