Q2 2024 EPS Estimates for Magnolia Oil & Gas Co. Reduced by Analyst (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Stock analysts at Capital One Financial lowered their Q2 2024 earnings estimates for Magnolia Oil & Gas in a research report issued on Wednesday, July 3rd. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $0.50 for the quarter, down from their previous forecast of $0.56. Capital One Financial has a “Overweight” rating and a $28.00 price objective on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.25 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.63 EPS, FY2024 earnings at $2.23 EPS, Q1 2025 earnings at $0.62 EPS, Q2 2025 earnings at $0.66 EPS, Q3 2025 earnings at $0.69 EPS and Q4 2025 earnings at $0.72 EPS.

MGY has been the subject of several other reports. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a research report on Friday, April 19th. The Goldman Sachs Group lifted their price objective on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Mizuho upped their target price on shares of Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 13th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, April 23rd. Finally, Wells Fargo & Company upped their price objective on 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.11.

Magnolia Oil & Gas Trading Down 0.5 %

Shares of NYSE MGY opened at $25.32 on Monday. The stock has a fifty day simple moving average of $25.16 and a 200-day simple moving average of $23.74. Magnolia Oil & Gas has a twelve month low of $19.16 and a twelve month high of $27.33. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $5.13 billion, a PE ratio of 12.60, a PEG ratio of 1.42 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last posted its earnings results on Tuesday, May 7th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.05. Magnolia Oil & Gas had a net margin of 30.46% and a return on equity of 20.41%. The firm had revenue of $319.42 million during the quarter, compared to the consensus estimate of $308.21 million.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Friday, May 10th. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

Insiders Place Their Bets

In related news, Director John B. Walker sold 12,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total value of $306,960,000.00. Following the completion of the transaction, the director now directly owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of institutional investors and hedge funds have recently bought and sold shares of MGY. Vanguard Group Inc. increased its position in shares of Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after purchasing an additional 2,956,314 shares in the last quarter. Principal Financial Group Inc. increased its position in Magnolia Oil & Gas by 2,799.2% during the first quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after buying an additional 1,816,158 shares during the period. First Trust Advisors LP increased its position in Magnolia Oil & Gas by 20.2% during the fourth quarter. First Trust Advisors LP now owns 10,126,891 shares of the company’s stock worth $215,602,000 after buying an additional 1,704,982 shares during the period. American Century Companies Inc. lifted its stake in Magnolia Oil & Gas by 24.7% in the third 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 during the last quarter. Finally, Ranger Investment Management L.P. acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $25,226,000. 94.73% of the stock is owned by hedge funds and other institutional investors.

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.