Brokers Set Expectations for Magnolia Oil & Gas Co.’s FY2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities researchers at Seaport Res Ptn issued their FY2024 EPS estimates for shares of Magnolia Oil & Gas in a note issued to investors on Tuesday, August 27th. Seaport Res Ptn analyst N. Pope forecasts that the company will post earnings of $2.05 per share for the year. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.14 per share.

Other equities research analysts also recently issued reports about the stock. Truist Financial lifted their target price on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Wolfe Research initiated 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 on the stock. Piper Sandler cut their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Mizuho lifted 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 report on Monday, May 13th. Finally, Bank of America boosted their price target on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average price target of $28.70.

Magnolia Oil & Gas Stock Up 1.3 %

NYSE:MGY opened at $25.83 on Thursday. The firm’s 50 day simple moving average is $25.52 and its 200 day simple moving average is $24.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.63. The company has a market cap of $5.14 billion, a PE ratio of 12.85, a P/E/G ratio of 1.22 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million.

Magnolia Oil & Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.01%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 25.87%.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky grew its stake in shares of Magnolia Oil & Gas by 92.6% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 121,882 shares of the company’s stock worth $3,088,000 after acquiring an additional 58,585 shares in the last quarter. Creative Planning grew its stake in shares of Magnolia Oil & Gas by 21.3% in the 2nd quarter. Creative Planning now owns 63,589 shares of the company’s stock worth $1,611,000 after acquiring an additional 11,160 shares in the last quarter. Algert Global LLC bought a new stake in shares of Magnolia Oil & Gas in the 2nd quarter worth $442,000. The Manufacturers Life Insurance Company grew its stake in shares of Magnolia Oil & Gas by 0.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,647,897 shares of the company’s stock worth $41,758,000 after acquiring an additional 11,877 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Magnolia Oil & Gas by 25.8% during the second quarter. AQR Capital Management LLC now owns 20,832 shares of the company’s stock valued at $528,000 after buying an additional 4,276 shares during the period. 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.