Magnolia Oil & Gas Corp (NYSE:MGY) Declares Quarterly Dividend of $0.17

Key Points

• Declared quarterly dividend of $0.165 per share with an ex-dividend/record date of May 12 and payment on June 1; the annualized payout is $0.66, implying about a 2.2% yield.
• Dividend appears well-covered — current payout ratio is 33.7% and is expected to fall to roughly 26.5% based on projected EPS of $2.49 next year.
• Stock and analyst snapshot: shares trade around $30.10 with a $5.61B market cap and a P/E of 17.5; analysts rate the stock a "Moderate Buy" with a consensus target of $31.08 and several firms raising targets (KeyCorp $38, UBS $35).

Magnolia Oil & Gas Corp (NYSE:MGY - Get Free Report) declared a quarterly dividend on Friday, May 1st. Stockholders of record on Tuesday, May 12th will be given a dividend of 0.165 per share on Monday, June 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, May 12th.

Magnolia Oil & Gas has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Magnolia Oil & Gas to earn $2.49 per share next year, which means the company should continue to be able to cover its $0.66 annual dividend with an expected future payout ratio of 26.5%.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded down $0.15 during trading hours on Friday, hitting $30.10. 2,108,383 shares of the company's stock were exchanged, compared to its average volume of 2,880,725. The company's 50-day moving average price is $29.53 and its 200-day moving average price is $25.46. Magnolia Oil & Gas has a 1-year low of $20.45 and a 1-year high of $32.76. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 2.00 and a beta of 0.83. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.01. The firm had revenue of $317.63 million for the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The company's revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. On average, sell-side analysts expect that Magnolia Oil & Gas will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. KeyCorp raised their price objective on shares of Magnolia Oil & Gas from $30.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, April 2nd. UBS Group upped their target price on shares of Magnolia Oil & Gas from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Weiss Ratings raised shares of Magnolia Oil & Gas from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Magnolia Oil & Gas from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 11th. Finally, Siebert Williams Shank lowered shares of Magnolia Oil & Gas from a "buy" rating to a "hold" rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.08.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp NYSE: MGY is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company's core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).

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