Q3 2024 EPS Estimates for Magnolia Oil & Gas Co. (NYSE:MGY) Lifted by Capital One Financial

Magnolia Oil & Gas Co. (NYSE:MGY) – Research analysts at Capital One Financial increased their Q3 2024 EPS estimates for Magnolia Oil & Gas in a report issued on Thursday, August 1st. Capital One Financial analyst P. Johnston now anticipates that the company will earn $0.62 per share for the quarter, up from their prior estimate of $0.61. Capital One Financial currently has a “Overweight” rating and a $28.00 target price 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.

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 analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The firm had revenue of $319.42 million for the quarter, compared to analysts’ expectations of $308.21 million.

A number of other brokerages have also commented on MGY. Wolfe Research started coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an “outperform” rating and a $32.00 price target on the stock. Wells Fargo & Company reduced their target price on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday. Susquehanna raised their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “positive” rating in a research note on Monday, July 22nd. Truist Financial boosted their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America raised their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $29.00.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $23.53 on Monday. The company has a market cap 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. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63. The company has a quick ratio of 1.71, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. The business’s fifty day moving average is $25.41 and its 200 day moving average is $24.48.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MGY. Anchor Capital Advisors LLC increased its stake in Magnolia Oil & Gas by 3.8% in the second quarter. Anchor Capital Advisors LLC now owns 100,076 shares of the company’s stock valued at $2,536,000 after purchasing an additional 3,675 shares in the last quarter. Gallacher Capital Management LLC acquired a new stake in shares of Magnolia Oil & Gas in the 2nd quarter valued at about $660,000. Los Angeles Capital Management LLC bought a new stake in Magnolia Oil & Gas in the 2nd quarter valued at about $2,212,000. Natixis Advisors LLC raised its stake in Magnolia Oil & Gas by 30.3% during the 2nd quarter. Natixis Advisors LLC now owns 93,698 shares of the company’s stock worth $2,374,000 after buying an additional 21,774 shares during the period. Finally, Signaturefd LLC boosted its holdings in Magnolia Oil & Gas by 14.5% in the second quarter. Signaturefd LLC now owns 11,112 shares of the company’s stock worth $282,000 after acquiring an additional 1,409 shares in the last quarter. 94.73% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director John B. Walker sold 12,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the completion of the sale, the director now owns 4,164,961 shares of the company’s stock, valued at approximately $106,539,702.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Dividend Announcement

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

About Magnolia Oil & Gas

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.