Research Analysts Set Expectations for Magnolia Oil & Gas Co.’s Q3 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities research analysts at Seaport Res Ptn increased their Q3 2024 earnings per share (EPS) estimates for Magnolia Oil & Gas in a research report issued to clients and investors on Tuesday, August 27th. Seaport Res Ptn analyst N. Pope now forecasts that the company will earn $0.53 per share for the quarter, up from their prior forecast of $0.48. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.14 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.52 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.46 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.91 EPS.

A number of other research firms have also issued reports on MGY. Wells Fargo & Company lowered their price target on Magnolia Oil & Gas from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Truist Financial lifted their price objective on Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Mizuho lifted their price objective on Magnolia Oil & Gas from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Piper Sandler cut their price target on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Finally, Wolfe Research started coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They set an “outperform” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.70.

Magnolia Oil & Gas Stock Down 1.0 %

Magnolia Oil & Gas stock opened at $25.48 on Wednesday. The stock’s fifty day moving average is $25.48 and its two-hundred day moving average is $24.95. 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 1-year low of $19.16 and a 1-year high of $27.63. The stock has a market cap of $5.07 billion, a PE ratio of 12.68, a P/E/G ratio of 1.17 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data 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. The business had revenue of $336.73 million for the quarter, compared to analysts’ expectations of $340.72 million. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. acquired a new position in Magnolia Oil & Gas in the 4th quarter valued at $694,000. Nordea Investment Management AB lifted its position in shares of Magnolia Oil & Gas by 37.1% during the first quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock worth $13,387,000 after purchasing an additional 141,046 shares in the last quarter. Maryland State Retirement & Pension System acquired a new position in shares of Magnolia Oil & Gas during the first quarter worth approximately $1,721,000. Texas Permanent School Fund Corp acquired a new position in Magnolia Oil & Gas in the first quarter valued at approximately $4,207,000. Finally, Vanguard Group Inc. lifted its holdings in Magnolia Oil & Gas by 16.6% in the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock valued at $538,654,000 after buying an additional 2,956,314 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be given a $0.13 dividend. The ex-dividend date is Friday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. Magnolia Oil & Gas’s payout ratio is 25.87%.

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.