Magnolia Oil & Gas Co. to Post FY2024 Earnings of $2.05 Per Share, Seaport Res Ptn Forecasts (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Stock analysts at Seaport Res Ptn issued their FY2024 earnings per share estimates for shares of Magnolia Oil & Gas in a research note issued on Tuesday, August 27th. Seaport Res Ptn analyst N. Pope forecasts that the company will earn $2.05 per share for the year. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.14 per share.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The firm had revenue of $336.73 million for the quarter, compared to the consensus estimate of $340.72 million.

Other equities analysts also recently issued reports about the company. Wolfe Research started coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price target on the stock. Piper Sandler reduced their price target on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Bank of America upped their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Susquehanna lifted their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the stock a “positive” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and an average price target of $28.70.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY opened at $25.49 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 52-week low of $19.16 and a 52-week high of $27.63. The company has a market cap of $5.08 billion, a PE ratio of 12.68, a PEG ratio of 1.17 and a beta of 2.02. The firm’s 50-day moving average price is $25.50 and its 200-day moving average price is $24.95.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.04%. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of large investors have recently made changes to their positions in MGY. Vanguard Group Inc. grew its stake in Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after purchasing an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Magnolia Oil & Gas by 2,799.2% in the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after acquiring an additional 1,816,158 shares during the period. First Trust Advisors LP grew its holdings in Magnolia Oil & Gas by 20.2% during the 4th quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after acquiring an additional 1,704,982 shares in the last quarter. Ranger Investment Management L.P. purchased a new position in Magnolia Oil & Gas during the 4th quarter valued at about $25,226,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Magnolia Oil & Gas during the 1st quarter valued at about $30,161,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

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.