Zacks Research Comments on Magnolia Oil & Gas Co.'s Q3 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) - Analysts at Zacks Research increased their Q3 2024 earnings per share estimates for Magnolia Oil & Gas in a research note issued to investors on Monday, April 29th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings of $0.50 per share for the quarter, up from their previous estimate of $0.49. The consensus estimate for Magnolia Oil & Gas' current full-year earnings is $2.09 per share. Zacks Research also issued estimates for Magnolia Oil & Gas' Q4 2024 earnings at $0.53 EPS.

Several other brokerages also recently weighed in on MGY. Citigroup boosted their price objective on Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a "sell" rating in a research report on Monday, April 15th. Mizuho upped their target price on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, March 14th. The Goldman Sachs Group upped their target price on Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a "buy" rating in a report on Tuesday, March 26th. Wells Fargo & Company upped their target price on Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an "equal weight" rating in a report on Thursday, April 18th. Finally, Bank of America assumed coverage on Magnolia Oil & Gas in a report on Tuesday, February 27th. They set a "buy" rating and a $25.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $27.63.

Magnolia Oil & Gas Trading Down 5.2 %

MGY stock traded down $1.37 during midday trading on Tuesday, hitting $25.07. The company had a trading volume of 2,204,976 shares, compared to its average volume of 3,149,408. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 52 week low of $18.72 and a 52 week high of $27.33. The stock's 50 day moving average price is $24.80 and its 200 day moving average price is $22.55. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.61 and a beta of 2.05.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. The company had revenue of $322.63 million during the quarter, compared to the consensus estimate of $324.95 million.

Magnolia Oil & Gas Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.07%. This is a boost from Magnolia Oil & Gas's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, February 15th. Magnolia Oil & Gas's dividend payout ratio is presently 25.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in shares of Magnolia Oil & Gas by 20.2% in the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company's stock worth $215,602,000 after acquiring an additional 1,704,982 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Magnolia Oil & Gas by 2.1% during the 4th quarter. Victory Capital Management Inc. now owns 6,162,526 shares of the company's stock valued at $131,200,000 after buying an additional 128,097 shares in the last quarter. American Century Companies Inc. grew its holdings in Magnolia Oil & Gas by 24.7% during the 3rd quarter. American Century Companies Inc. now owns 6,009,953 shares of the company's stock valued at $137,688,000 after buying an additional 1,188,536 shares in the last quarter. Wasatch Advisors LP grew its holdings in Magnolia Oil & Gas by 2.2% during the 4th quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company's stock valued at $78,331,000 after buying an additional 77,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Magnolia Oil & Gas by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,506,042 shares of the company's stock valued at $74,647,000 after buying an additional 257,806 shares in the last quarter. 94.73% of the stock is owned by hedge funds and other institutional investors.

Magnolia Oil & Gas Company Profile

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.