Zacks Research Brokers Increase Earnings Estimates for Magnolia Oil & Gas Co. (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities research analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research note issued on Monday, April 29th. Zacks Research analyst N. Choudhury now expects that the company will post earnings of $0.50 per share for the quarter, up from their prior estimate of $0.49. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.09 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.53 EPS.

Magnolia Oil & Gas (NYSE:MGY) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The company had revenue of $322.63 million for the quarter, compared to the consensus estimate of $324.95 million. Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%.

Other analysts have also issued reports about the stock. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, April 23rd. Piper Sandler reiterated a “neutral” rating and issued a $29.00 price objective on shares of Magnolia Oil & Gas in a research report on Friday, April 19th. The Goldman Sachs Group upped their target price on Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $32.00 to $33.00 and gave the company a “buy” rating in a report on Friday, February 16th. Finally, Bank of America initiated coverage on shares of Magnolia Oil & Gas in a report on Tuesday, February 27th. They issued a “buy” rating and a $25.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas has an average rating of “Hold” and a consensus price target of $27.63.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $24.59 on Tuesday. The firm has a fifty day simple moving average of $24.92 and a two-hundred day simple moving average of $22.58. Magnolia Oil & Gas has a twelve month low of $18.72 and a twelve month high of $27.33. The company has a market capitalization of $5.02 billion, a PE ratio of 12.00, a P/E/G ratio of 1.61 and a beta of 2.05. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.21.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mather Group LLC. purchased a new position in Magnolia Oil & Gas during the first quarter valued at $27,000. Private Wealth Management Group LLC bought a new stake in Magnolia Oil & Gas during the 4th quarter worth approximately $33,000. VisionPoint Advisory Group LLC lifted its holdings in Magnolia Oil & Gas by 112.3% during the third quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock valued at $35,000 after purchasing an additional 813 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in Magnolia Oil & Gas by 61.5% during the first quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock valued at $43,000 after purchasing an additional 627 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Magnolia Oil & Gas by 40.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,623 shares of the company’s stock worth $98,000 after purchasing an additional 1,331 shares during the period. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.13 dividend. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Thursday, February 15th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.37%.

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.