Q3 2024 Earnings Estimate for Magnolia Oil & Gas Co. Issued By Capital One Financial (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Research analysts at Capital One Financial decreased their Q3 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research report issued on Wednesday, October 9th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $0.50 per share for the quarter, down from their prior forecast of $0.51. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $1.98 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.49 EPS, FY2024 earnings at $2.00 EPS, Q1 2025 earnings at $0.45 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $1.97 EPS.

A number of other equities research analysts also recently issued reports on MGY. Bank of America boosted 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. Piper Sandler dropped their price objective 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. JPMorgan Chase & Co. cut their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Mizuho lowered their price target on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Benchmark restated a “hold” rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $27.27.

Magnolia Oil & Gas Trading Up 2.1 %

NYSE MGY opened at $27.04 on Friday. The company has a market cap of $5.38 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.35 and a beta of 1.99. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The company has a 50-day moving average of $24.94 and a 200-day moving average of $25.41.

Magnolia Oil & Gas (NYSE:MGY) last released its 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 return on equity of 21.18% and a net margin of 29.44%. The firm had revenue of $336.73 million during the quarter, compared to analyst estimates of $340.72 million.

Institutional Trading of Magnolia Oil & Gas

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in 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 purchasing an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after buying an additional 1,816,158 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Magnolia Oil & Gas in the first quarter worth $30,161,000. American Century Companies Inc. grew its holdings in 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 worth $237,927,000 after acquiring an additional 847,542 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in 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 worth $114,554,000 after acquiring an additional 627,933 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the sale, the director now owns 2,099,403 shares of the company’s stock, valued at $54,290,561.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 1.92%. Magnolia Oil & Gas’s payout ratio is currently 25.49%.

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.