Magnolia Oil & Gas (NYSE:MGY) Releases Earnings Results, Beats Estimates By $0.06 EPS

Magnolia Oil & Gas (NYSE:MGY) announced its quarterly earnings data on Wednesday. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.06, FiscalAI reports. The firm had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. Magnolia Oil & Gas had a return on equity of 16.28% and a net margin of 24.40%.The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share.

Magnolia Oil & Gas Price Performance

Shares of NYSE:MGY traded down $0.84 during trading on Wednesday, reaching $23.73. 3,664,339 shares of the company’s stock traded hands, compared to its average volume of 6,820,641. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.19. Magnolia Oil & Gas has a fifty-two week low of $21.07 and a fifty-two week high of $32.76. The company has a 50-day simple moving average of $26.29 and a 200-day simple moving average of $27.60. The firm has a market cap of $4.39 billion, a PE ratio of 13.80 and a beta of 0.72.

Magnolia Oil & Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, August 10th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s dividend payout ratio is currently 38.37%.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors have recently bought and sold shares of MGY. EverSource Wealth Advisors LLC increased its position in shares of Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares in the last quarter. Parallel Advisors LLC increased its holdings in Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after acquiring an additional 785 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after acquiring an additional 1,051 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Magnolia Oil & Gas during the fourth quarter worth $92,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $99,000. 94.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on MGY. KeyCorp restated an “overweight” rating on shares of Magnolia Oil & Gas in a research note on Monday, June 29th. UBS Group cut their price objective on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Wells Fargo & Company decreased their target price on shares of Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 13th. Zacks Research lowered shares of Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, Truist Financial raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and increased their price target for the stock from $32.00 to $33.00 in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).