Brokers Issue Forecasts for Magnolia Oil & Gas Co.’s Q3 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities research analysts at Capital One Financial dropped their Q3 2024 earnings per share (EPS) estimates for Magnolia Oil & Gas in a research note issued on Wednesday, October 9th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $0.50 per share for the quarter, down from their prior estimate of $0.51. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $1.98 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.49 EPS, FY2024 earnings at $2.00 EPS, Q1 2025 earnings at $0.45 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $1.97 EPS.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data 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. The company had revenue of $336.73 million during the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%.

A number of other research analysts have also commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Mizuho dropped their price target 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. Wolfe Research started coverage on Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective for the company. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Finally, Wells Fargo & Company cut Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.27.

Magnolia Oil & Gas Stock Performance

Shares of Magnolia Oil & Gas stock opened at $27.04 on Friday. The firm’s fifty day simple moving average is $24.94 and its 200-day simple moving average is $25.41. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.35 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 announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 1.92%. Magnolia Oil & Gas’s payout ratio is currently 25.49%.

Insider Transactions at Magnolia Oil & Gas

In related news, Director Ltd. Enervest sold 7,000,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were 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 owns 2,099,403 shares in the company, valued at $54,290,561.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in shares of Magnolia Oil & Gas by 15.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 790,363 shares of the company’s stock valued at $16,827,000 after buying an additional 103,183 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Magnolia Oil & Gas by 33.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 53,570 shares of the company’s stock valued at $1,141,000 after acquiring an additional 13,288 shares in the last quarter. Mather Group LLC. acquired a new position in Magnolia Oil & Gas during the first quarter worth about $27,000. Oliver Luxxe Assets LLC lifted its holdings in shares of Magnolia Oil & Gas by 2.7% in the first quarter. Oliver Luxxe Assets LLC now owns 44,618 shares of the company’s stock valued at $1,158,000 after purchasing an additional 1,179 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Magnolia Oil & Gas by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,184,107 shares of the company’s stock valued at $82,628,000 after purchasing an additional 142,717 shares during 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.