Magnolia Oil & Gas (NYSE:MGY) Posts Earnings Results, Beats Estimates By $0.13 EPS

Magnolia Oil & Gas (NYSE:MGY) issued its earnings results on Wednesday. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.58 by $0.13, FiscalAI reports. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The company had revenue of $513.89 million during the quarter, compared to the consensus estimate of $474.39 million. During the same period last year, the business posted $0.42 EPS. The firm’s revenue for the quarter was up 58.2% compared to the same quarter last year.

Magnolia Oil & Gas Stock Down 5.4%

NYSE:MGY traded down $1.34 during trading hours on Wednesday, hitting $23.32. 3,185,450 shares of the company traded hands, compared to its average volume of 2,964,634. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The firm’s 50-day simple moving average is $25.55 and its 200-day simple moving average is $27.03. Magnolia Oil & Gas has a one year low of $21.07 and a one year high of $32.76. The company has a market cap of $5.53 billion, a PE ratio of 10.23 and a beta of 0.72.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.72 annualized dividend and a yield of 3.1%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 31.58%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Seaport Research Partners began coverage on Magnolia Oil & Gas in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Mizuho upgraded Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Wall Street Zen raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Citigroup cut their target price on Magnolia Oil & Gas from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.53.

Insider Transactions at Magnolia Oil & Gas

In other news, Director David Khani bought 8,000 shares of Magnolia Oil & Gas stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the purchase, the director directly owned 30,622 shares in the company, valued at $765,550. The trade was a 35.36% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is owned by corporate insiders.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.