Magnolia Oil & Gas Co. (NYSE:MGY) Expected to Post Q3 2024 Earnings of $0.51 Per Share

Magnolia Oil & Gas Co. (NYSE:MGY) – Stock analysts at Capital One Financial lowered their Q3 2024 earnings per share estimates for Magnolia Oil & Gas in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $0.51 for the quarter, down from their previous forecast of $0.62. Capital One Financial currently has a “Overweight” rating and a $28.00 target price on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.08 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $2.02 EPS, Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.52 EPS, Q4 2025 earnings at $0.54 EPS, FY2025 earnings at $2.01 EPS and FY2026 earnings at $2.37 EPS.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company reduced their target price on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Piper Sandler reduced their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a report on Thursday, July 18th. Susquehanna cut their price objective on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Finally, Mizuho cut their price objective on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $28.00.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock opened at $26.00 on Friday. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.63. The stock has a market capitalization of $5.18 billion, a P/E ratio of 12.94, a PEG ratio of 1.18 and a beta of 2.00. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. The business’s fifty day moving average price is $25.16 and its 200 day moving average price is $25.25.

Magnolia Oil & Gas (NYSE:MGY) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share 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 analysts’ expectations of $340.72 million.

Institutional Trading of Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lindbrook Capital LLC increased its position in shares of Magnolia Oil & Gas by 61.5% during the first quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock worth $43,000 after acquiring an additional 627 shares during the last quarter. Bank of Montreal Can increased its position in shares of Magnolia Oil & Gas by 1.8% during the second quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock worth $931,000 after acquiring an additional 640 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Magnolia Oil & Gas by 5.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,156 shares of the company’s stock worth $280,000 after acquiring an additional 730 shares during the last quarter. Commerce Bank increased its position in shares of Magnolia Oil & Gas by 4.0% during the fourth quarter. Commerce Bank now owns 24,820 shares of the company’s stock worth $528,000 after acquiring an additional 945 shares during the last quarter. Finally, Fulton Bank N.A. increased its holdings in Magnolia Oil & Gas by 10.3% in the second quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock valued at $264,000 after buying an additional 968 shares during the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is 25.87%.

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.