Q3 2024 EPS Estimates for Magnolia Oil & Gas Co. (NYSE:MGY) Raised by Zacks Research

Magnolia Oil & Gas Co. (NYSE:MGY) – Investment analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research report issued to clients and investors on Monday, April 29th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings per share of $0.50 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.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Wednesday, February 14th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The firm had revenue of $322.63 million for the quarter, compared to analyst estimates of $324.95 million. Magnolia Oil & Gas had a return on equity of 21.21% and a net margin of 31.65%.

MGY has been the subject of several other reports. Truist Financial increased their target price on Magnolia Oil & Gas from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Susquehanna boosted their target price on shares of Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. The Goldman Sachs Group increased their price target on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Wells Fargo & Company raised their price target on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Finally, Mizuho increased their target price on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of “Hold” and a consensus price target of $27.63.

Magnolia Oil & Gas Stock Performance

Magnolia Oil & Gas stock opened at $26.44 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.88 and a quick ratio of 1.88. Magnolia Oil & Gas has a 12-month low of $18.72 and a 12-month high of $27.33. The firm’s fifty day moving average price is $24.80 and its 200 day moving average price is $22.55. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 1.61 and a beta of 2.05.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in shares of Magnolia Oil & Gas by 537.3% in the third quarter. SG Americas Securities LLC now owns 41,187 shares of the company’s stock valued at $944,000 after buying an additional 34,724 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Magnolia Oil & Gas by 7.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 115,205 shares of the company’s stock valued at $2,639,000 after purchasing an additional 8,365 shares in the last quarter. Raymond James & Associates grew its stake in shares of Magnolia Oil & Gas by 12.4% in the 3rd quarter. Raymond James & Associates now owns 371,743 shares of the company’s stock worth $8,517,000 after purchasing an additional 41,037 shares during the last quarter. Argent Capital Management LLC lifted its stake in Magnolia Oil & Gas by 29.0% during the third quarter. Argent Capital Management LLC now owns 14,818 shares of the company’s stock valued at $339,000 after purchasing an additional 3,332 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Magnolia Oil & Gas by 4.5% during the third quarter. Bank of New York Mellon Corp now owns 1,302,941 shares of the company’s stock worth $29,850,000 after buying an additional 55,922 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

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.