Roth Capital Has Pessimistic Outlook of MGY FY2024 Earnings

Magnolia Oil & Gas Co. (NYSE:MGY) – Roth Capital decreased their FY2024 EPS estimates for shares of Magnolia Oil & Gas in a report issued on Thursday, October 31st. Roth Capital analyst L. Mariani now anticipates that the company will earn $1.90 per share for the year, down from their previous forecast of $2.00. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $1.98 per share. Roth Capital also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.40 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.44 EPS and Q4 2025 earnings at $0.51 EPS.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The company had revenue of $333.14 million for the quarter, compared to the consensus estimate of $331.45 million. Magnolia Oil & Gas had a return on equity of 20.78% and a net margin of 28.88%.

A number of other brokerages have also recently commented on MGY. Piper Sandler dropped their price objective on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $26.00 to $22.00 in a research report on Tuesday, October 1st. Wolfe Research assumed coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price objective for the company. Susquehanna dropped 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. Finally, JPMorgan Chase & Co. cut their price target on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Two investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.67.

Magnolia Oil & Gas Stock Down 0.7 %

Magnolia Oil & Gas stock opened at $25.53 on Monday. The business’s 50-day moving average price is $25.31 and its 200 day moving average price is $25.35. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.99. Magnolia Oil & Gas has a 52 week low of $19.16 and a 52 week high of $27.63.

Hedge Funds Weigh In On Magnolia Oil & Gas

Institutional investors have recently added to or reduced their stakes in the stock. Atria Investments Inc raised its stake in Magnolia Oil & Gas by 2.3% during the third quarter. Atria Investments Inc now owns 23,576 shares of the company’s stock worth $576,000 after purchasing an additional 523 shares during the period. Bank of Montreal Can raised its position in shares of Magnolia Oil & Gas by 1.8% during the 2nd quarter. Bank of Montreal Can now owns 36,716 shares of the company’s stock valued at $931,000 after buying an additional 640 shares during the period. Covestor Ltd lifted its holdings in Magnolia Oil & Gas by 36.8% in the third quarter. Covestor Ltd now owns 2,986 shares of the company’s stock valued at $73,000 after acquiring an additional 804 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Magnolia Oil & Gas by 6.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,364 shares of the company’s stock worth $351,000 after acquiring an additional 889 shares during the period. Finally, Fulton Bank N.A. grew its position in Magnolia Oil & Gas by 10.3% in the second quarter. Fulton Bank N.A. now owns 10,411 shares of the company’s stock worth $264,000 after acquiring an additional 968 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ltd. Enervest sold 7,000,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the completion of the sale, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Magnolia Oil & Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.13 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. Magnolia Oil & Gas’s payout ratio is currently 25.74%.

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.