Magnolia Oil & Gas (MGY) Set to Announce Quarterly Earnings on Wednesday

Magnolia Oil & Gas (NYSE:MGY) will announce its earnings results after the market closes on Wednesday, October 30th. Analysts expect the company to announce earnings of $0.49 per share for the quarter. Persons interested in participating in the company’s earnings conference call can do so using this link.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $340.72 million. On average, analysts expect Magnolia Oil & Gas to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Magnolia Oil & Gas Stock Performance

NYSE:MGY opened at $26.02 on Wednesday. The stock’s 50 day simple moving average is $25.22 and its two-hundred day simple moving average is $25.40. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63. The company has a market cap of $5.18 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.34 and a beta of 1.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a yield of 2.00%. Magnolia Oil & Gas’s payout ratio is currently 25.49%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MGY shares. Piper Sandler lowered their price target on 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 lowered their target price on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. cut their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research note on Tuesday, October 15th. Finally, Bank of America upped their target price on Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and a consensus target price of $27.50.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction dated 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 sale, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.20% 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.