Magnolia Oil & Gas (NYSE:MGY) Issues Earnings Results, Beats Expectations By $0.03 EPS

Magnolia Oil & Gas (NYSE:MGY) posted its quarterly earnings results on Tuesday. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03, Zacks reports. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%.

Magnolia Oil & Gas Stock Up 1.8 %

MGY opened at $23.92 on Wednesday. The company has a market capitalization of $4.70 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 2.92 and a beta of 1.98. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.47. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $29.02. The business has a 50-day moving average of $24.34 and a 200-day moving average of $25.23.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.51%. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. Magnolia Oil & Gas’s payout ratio is 29.70%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGY. The Goldman Sachs Group cut Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $27.00 to $26.00 in a report on Friday, January 31st. Piper Sandler boosted their price objective on Magnolia Oil & Gas from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Bank of America reiterated a “neutral” rating and issued a $28.00 target price (down from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Truist Financial boosted their price target on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Mizuho raised their price objective on shares of Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $27.58.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.