Magnolia Oil & Gas Co. Forecasted to Earn Q2 2024 Earnings of $0.51 Per Share (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Investment analysts at Roth Capital raised their Q2 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research report issued on Wednesday, May 8th. Roth Capital analyst L. Mariani now anticipates that the company will earn $0.51 per share for the quarter, up from their previous forecast of $0.49. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.11 per share. Roth Capital also issued estimates for Magnolia Oil & Gas’ Q3 2024 earnings at $0.54 EPS, FY2024 earnings at $1.93 EPS, Q4 2025 earnings at $0.63 EPS and FY2025 earnings at $2.18 EPS.

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

A number of other brokerages have also weighed in on MGY. Citigroup increased their price objective on Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a report on Monday, April 15th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, April 23rd. Piper Sandler reissued a “neutral” rating and issued a $29.00 price objective on shares of Magnolia Oil & Gas in a report on Friday, April 19th. Bank of America initiated coverage on Magnolia Oil & Gas in a research note on Tuesday, February 27th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Susquehanna upped their target price on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.63.

Magnolia Oil & Gas Trading Up 2.4 %

Shares of NYSE:MGY opened at $26.50 on Friday. The business’s 50-day moving average is $25.34 and its 200 day moving average is $22.67. Magnolia Oil & Gas has a 1 year low of $18.91 and a 1 year high of $27.33. The firm has a market capitalization of $5.41 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.52 and a beta of 2.03. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.88 and a quick ratio of 1.88.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 13th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, May 10th. This represents a $0.52 dividend on an annualized basis and a yield of 1.96%. Magnolia Oil & Gas’s dividend payout ratio is currently 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently bought and sold shares of the business. First Trust Advisors LP boosted its position in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after purchasing an additional 1,704,982 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Magnolia Oil & Gas by 2.1% in the fourth quarter. Victory Capital Management Inc. now owns 6,162,526 shares of the company’s stock valued at $131,200,000 after acquiring an additional 128,097 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Magnolia Oil & Gas by 24.7% in the third quarter. American Century Companies Inc. now owns 6,009,953 shares of the company’s stock valued at $137,688,000 after acquiring an additional 1,188,536 shares in the last quarter. Wasatch Advisors LP lifted its position in shares of Magnolia Oil & Gas by 2.2% in the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock valued at $78,331,000 after acquiring an additional 77,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Magnolia Oil & Gas by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,506,042 shares of the company’s stock valued at $74,647,000 after acquiring an additional 257,806 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

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.