Q3 2024 EPS Estimates for Magnolia Oil & Gas Co. (NYSE:MGY) Boosted by Zacks Research

Magnolia Oil & Gas Co. (NYSE:MGY) – Research analysts at Zacks Research lifted their Q3 2024 earnings per share estimates for shares of Magnolia Oil & Gas in a report issued on Monday, April 29th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $0.50 per share for the quarter, up from their previous estimate of $0.49. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.09 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.53 EPS.

A number of other research firms have also recently commented on MGY. Susquehanna raised their target price on Magnolia Oil & Gas from $28.00 to $31.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Mizuho raised their target price on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Bank of America initiated coverage on shares of Magnolia Oil & Gas in a research note on Tuesday, February 27th. They issued a “buy” rating and a $25.00 price target on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 price target on shares of Magnolia Oil & Gas in a research note on Friday, April 19th. Finally, The Goldman Sachs Group raised their target price on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average target price of $27.63.

Magnolia Oil & Gas Stock Performance

Shares of MGY opened at $25.07 on Tuesday. The stock has a fifty day moving average price of $24.87 and a 200-day moving average price of $22.56. The firm has a market cap of $5.12 billion, a PE ratio of 12.23, a P/E/G ratio of 1.61 and a beta of 2.05. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12 month low of $18.72 and a 12 month high of $27.33.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). Magnolia Oil & Gas had a net margin of 31.65% and a return on equity of 21.21%. The business had revenue of $322.63 million for the quarter, compared to analysts’ expectations of $324.95 million.

Institutional Trading of Magnolia Oil & Gas

Several institutional investors have recently added to or reduced their stakes in MGY. Vest Financial LLC grew its stake in shares of Magnolia Oil & Gas by 27.0% in the first quarter. Vest Financial LLC now owns 770,001 shares of the company’s stock worth $19,982,000 after acquiring an additional 163,724 shares in the last quarter. Argent Capital Management LLC grew its stake in shares of Magnolia Oil & Gas by 13.6% in the first quarter. Argent Capital Management LLC now owns 18,564 shares of the company’s stock worth $482,000 after acquiring an additional 2,221 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Magnolia Oil & Gas by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,184,107 shares of the company’s stock worth $82,628,000 after acquiring an additional 142,717 shares in the last quarter. Greenleaf Trust purchased a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth $216,000. Finally, Principal Financial Group Inc. lifted its position in shares of Magnolia Oil & Gas by 2,799.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,881,039 shares of the company’s stock worth $48,813,000 after purchasing an additional 1,816,158 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.07%. The ex-dividend date was Thursday, February 15th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.12. Magnolia Oil & Gas’s dividend payout ratio (DPR) is 25.37%.

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.