Magnolia Oil & Gas Co. to Post Q3 2024 Earnings of $0.53 Per Share, Seaport Res Ptn Forecasts (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Analysts at Seaport Res Ptn upped their Q3 2024 EPS estimates for Magnolia Oil & Gas in a research note issued on Tuesday, August 27th. Seaport Res Ptn analyst N. Pope now anticipates that the company will post earnings per share of $0.53 for the quarter, up from their prior forecast of $0.48. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.14 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.52 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.46 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.91 EPS.

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

A number of other research firms have also commented on MGY. Capital One Financial began coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, June 11th. They set an “overweight” rating and a $28.00 price objective on the stock. Mizuho raised their price objective on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. Finally, Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.70.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY opened at $25.83 on Wednesday. The firm’s 50 day moving average is $25.52 and its two-hundred day moving average is $24.96. Magnolia Oil & Gas has a 52 week low of $19.16 and a 52 week high of $27.63. The firm has a market capitalization of $5.14 billion, a P/E ratio of 12.85, a PEG ratio of 1.22 and a beta of 2.02. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, August 9th. Magnolia Oil & Gas’s dividend payout ratio is 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Magnolia Oil & Gas by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares during the period. First Trust Advisors LP raised its holdings in shares of 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 valued at $215,602,000 after purchasing an additional 1,704,982 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Magnolia Oil & Gas by 9.9% during the 2nd quarter. American Century Companies Inc. now owns 9,389,368 shares of the company’s stock valued at $237,927,000 after purchasing an additional 847,542 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Magnolia Oil & Gas by 2.1% during the 4th quarter. Victory Capital Management Inc. now owns 6,162,526 shares of the company’s stock valued at $131,200,000 after purchasing an additional 128,097 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Magnolia Oil & Gas by 16.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,520,725 shares of the company’s stock valued at $114,554,000 after purchasing an additional 627,933 shares in the last quarter. Institutional investors and hedge funds 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.