KeyCorp Analysts Increase Earnings Estimates for Magnolia Oil & Gas Co. (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Investment analysts at KeyCorp boosted their Q4 2023 earnings estimates for Magnolia Oil & Gas in a report issued on Sunday, November 5th. KeyCorp analyst T. Rezvan now expects that the company will post earnings of $0.69 per share for the quarter, up from their previous forecast of $0.65. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.16 per share.

Several other research firms also recently commented on MGY. Mizuho raised their price objective on shares of Magnolia Oil & Gas from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, September 6th. Citigroup lowered their price objective on shares of Magnolia Oil & Gas from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, October 9th. Finally, Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, September 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.40.

Magnolia Oil & Gas Trading Down 2.8 %

Shares of MGY stock opened at $21.58 on Tuesday. Magnolia Oil & Gas has a 52-week low of $18.72 and a 52-week high of $27.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.65 and a current ratio of 2.65. The company has a 50-day simple moving average of $22.78 and a two-hundred day simple moving average of $21.60. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 7.93 and a beta of 2.06.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Magnolia Oil & Gas had a net margin of 41.62% and a return on equity of 25.75%. The firm had revenue of $315.68 million for the quarter, compared to analyst estimates of $318.30 million. During the same quarter in the prior year, the business earned $1.29 earnings per share. The business’s quarterly revenue was down 34.6% compared to the same quarter last year.

Magnolia Oil & Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Thursday, November 9th will be given a $0.115 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.13%. Magnolia Oil & Gas’s payout ratio is currently 16.91%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds have recently modified their holdings of the stock. Royce & Associates LP raised its stake in shares of Magnolia Oil & Gas by 10.9% in the first quarter. Royce & Associates LP now owns 184,220 shares of the company’s stock valued at $4,031,000 after acquiring an additional 18,120 shares during the period. EA Series Trust purchased a new position in Magnolia Oil & Gas during the 2nd quarter worth approximately $768,000. Park Avenue Securities LLC raised its position in Magnolia Oil & Gas by 6.1% during the 2nd quarter. Park Avenue Securities LLC now owns 12,630 shares of the company’s stock worth $264,000 after buying an additional 723 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Magnolia Oil & Gas by 784.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,471 shares of the company’s stock worth $163,000 after buying an additional 6,626 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Magnolia Oil & Gas during the 1st quarter worth approximately $10,959,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation 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.