Magnolia Oil & Gas Corp (NYSE:MGY) Shareholders to Collect $0.18 Quarterly Dividend

Key Points

• Magnolia Oil & Gas declared a quarterly dividend of $0.18 per share, payable December 1 to shareholders of record November 10. The dividend is annualized at $0.72 per share, yielding approximately 2.7%.
• The dividend appears well covered, with a current payout ratio of 36.7% and an expected future payout ratio near 25.5% based on projected earnings.
• Magnolia reported quarterly earnings of $0.99 per share, exceeding estimates of $0.93, while revenue rose 50.1% year over year to $478.81 million.

Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) announced a quarterly dividend on Wednesday, October 28th. Investors of record on Tuesday, November 10th will be paid a dividend of $0.18 per share on Tuesday, December 1st. This represents a $0.72 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, November 10th.

Magnolia Oil & Gas has a payout ratio of 36.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Magnolia Oil & Gas to earn $2.82 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 25.5%.

Magnolia Oil & Gas Trading Up 0.9%

Shares of NYSE MGY opened at $26.62 on Thursday. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76. The firm has a market capitalization of $6.31 billion, a PE ratio of 11.68 and a beta of 0.80. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $25.79 and a two-hundred day moving average price of $26.97.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. The company had revenue of $478.81 million for the quarter, compared to analysts' expectations of $458.10 million. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The business's revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. As a group, analysts predict that Magnolia Oil & Gas will post 2.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Khani purchased 8,000 shares of the firm's stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director directly owned 30,622 shares of the company's stock, valued at approximately $765,550. The trade was a 35.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds have recently modified their holdings of MGY. Valued Wealth Advisors LLC bought a new position in Magnolia Oil & Gas during the first quarter worth about $29,000. Harbor Investment Advisory LLC acquired a new position in Magnolia Oil & Gas in the second quarter worth $39,000. Ancora Advisors LLC acquired a new position in Magnolia Oil & Gas during the 2nd quarter worth about $51,000. Versant Capital Management Inc lifted its position in shares of Magnolia Oil & Gas by 96.9% during the second quarter. Versant Capital Management Inc now owns 2,257 shares of the company's stock worth $58,000 after purchasing an additional 1,111 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Magnolia Oil & Gas during the 2nd quarter worth $72,000. 94.73% of the stock is owned by institutional investors.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation NYSE: MGY is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.

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