Research Analysts Set Expectations for Magnolia Oil & Gas Co.’s Q3 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities research analysts at Zacks Research lowered their Q3 2024 EPS estimates for Magnolia Oil & Gas in a report released on Thursday, September 26th. Zacks Research analyst N. Choudhury now anticipates that the company will earn $0.49 per share for the quarter, down from their previous forecast of $0.55. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.04 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.49 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.51 EPS, FY2025 earnings at $2.01 EPS, Q1 2026 earnings at $0.49 EPS, Q2 2026 earnings at $0.53 EPS and FY2026 earnings at $2.24 EPS.

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

Several other research firms also recently weighed in on MGY. Mizuho decreased their price objective on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Piper Sandler decreased their price target on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Truist Financial increased their price target on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. Finally, Capital One Financial initiated coverage on Magnolia Oil & Gas in a report on Tuesday, June 11th. They set an “overweight” rating and a $28.00 price target for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Hold” and an average price target of $28.00.

Magnolia Oil & Gas Price Performance

MGY stock opened at $24.27 on Monday. The company has a market capitalization of $4.83 billion, a P/E ratio of 12.07, a PEG ratio of 1.27 and a beta of 2.00. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63. The business has a 50 day simple moving average of $24.94 and a 200-day simple moving average of $25.31. 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is 25.87%.

Insiders Place Their Bets

In other news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the transaction, the director now owns 2,099,403 shares in the company, valued at $54,290,561.58. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB increased its position in shares of Magnolia Oil & Gas by 37.1% in the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after buying an additional 141,046 shares in the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of Magnolia Oil & Gas in the first quarter valued at $1,721,000. Texas Permanent School Fund Corp purchased a new position in shares of Magnolia Oil & Gas in the first quarter valued at $4,207,000. Vanguard Group Inc. increased its position in shares of Magnolia Oil & Gas by 16.6% in the first 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 in the last quarter. Finally, Wasatch Advisors LP increased 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 buying an additional 77,733 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.