Magnolia Oil & Gas Co. (NYSE:MGY) Expected to Earn FY2024 Earnings of $1.91 Per Share

Magnolia Oil & Gas Co. (NYSE:MGY) – Investment analysts at Zacks Research raised their FY2024 earnings estimates for Magnolia Oil & Gas in a note issued to investors on Monday, April 29th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings of $1.91 per share for the year, up from their prior forecast of $1.90. 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’ FY2026 earnings at $2.44 EPS.

Several other research analysts also recently issued reports on the stock. The Goldman Sachs Group upped 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. Piper Sandler reiterated a “neutral” rating and set a $29.00 target price on shares of Magnolia Oil & Gas in a research report on Friday, April 19th. Wells Fargo & Company raised their price target on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Bank of America began coverage on Magnolia Oil & Gas in a report on Tuesday, February 27th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Mizuho boosted 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 given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.63.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $24.59 on Wednesday. Magnolia Oil & Gas has a 52 week low of $18.72 and a 52 week high of $27.33. The firm has a market cap of $5.02 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.61 and a beta of 2.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.88 and a current ratio of 1.88. The business’s fifty day moving average is $24.92 and its two-hundred day moving average is $22.58.

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

Magnolia Oil & Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were given a $0.13 dividend. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Thursday, February 15th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 25.37%.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGY. First Trust Advisors LP raised its holdings in 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 purchasing an additional 1,704,982 shares during the period. Victory Capital Management Inc. raised its stake 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 worth $131,200,000 after buying an additional 128,097 shares during the period. American Century Companies Inc. lifted its holdings in Magnolia Oil & Gas by 24.7% during the third quarter. American Century Companies Inc. now owns 6,009,953 shares of the company’s stock worth $137,688,000 after acquiring an additional 1,188,536 shares in the last quarter. Wasatch Advisors LP grew its stake in Magnolia Oil & Gas by 2.2% in the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock valued at $78,331,000 after acquiring an additional 77,733 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Magnolia Oil & Gas by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,506,042 shares of the company’s stock worth $74,647,000 after acquiring an additional 257,806 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

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.