Magnolia Oil & Gas Co. (NYSE:MGY) Declares $0.13 Quarterly Dividend

Magnolia Oil & Gas Co. (NYSE:MGY) declared a quarterly dividend on Monday, October 28th, Zacks reports. Stockholders of record on Friday, November 8th will be given a dividend of 0.13 per share on Monday, December 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Friday, November 8th.

Magnolia Oil & Gas has a dividend payout ratio of 25.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Magnolia Oil & Gas to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 25.1%.

Magnolia Oil & Gas Stock Down 1.1 %

Shares of NYSE MGY opened at $25.30 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $25.28 and a 200 day moving average price of $25.38. Magnolia Oil & Gas has a 52 week low of $19.16 and a 52 week high of $27.63. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.33 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The business had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. Equities research analysts anticipate that Magnolia Oil & Gas will post 1.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MGY. Susquehanna decreased their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a research note on Tuesday, October 15th. Wolfe Research began coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 target price for the company. Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, October 15th. Finally, Piper Sandler cut their price objective on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $27.50.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $25.86, for a total value of $181,020,000.00. Following the completion of the transaction, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% 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.