Q2 2024 Earnings Estimate for Magnolia Oil & Gas Co. (NYSE:MGY) Issued By Capital One Financial

Magnolia Oil & Gas Co. (NYSE:MGY) – Equities researchers at Capital One Financial boosted their Q2 2024 earnings estimates for Magnolia Oil & Gas in a report released on Wednesday, July 10th. Capital One Financial analyst P. Johnston now expects that the company will earn $0.51 per share for the quarter, up from their prior forecast of $0.50. Capital One Financial currently has a “Overweight” rating and a $28.00 target price on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.24 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ FY2024 earnings at $2.25 EPS.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group upped their price objective on shares of Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Citigroup upped their price objective on shares of Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a report on Monday, April 15th. Benchmark reaffirmed a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, April 23rd. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a research report on Friday, April 19th. Finally, Wells Fargo & Company upped their target price on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Magnolia Oil & Gas currently has an average rating of “Hold” and a consensus price target of $28.11.

Magnolia Oil & Gas Trading Down 0.3 %

Shares of MGY opened at $27.02 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12-month low of $19.16 and a 12-month high of $27.35. The firm has a 50-day moving average price of $25.29 and a 200 day moving average price of $23.91. The firm has a market capitalization of $5.48 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.48 and a beta of 2.02.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Magnolia Oil & Gas had a net margin of 30.46% and a return on equity of 20.41%. The firm had revenue of $319.42 million during the quarter, compared to analyst estimates of $308.21 million.

Institutional Trading of Magnolia Oil & Gas

Several hedge funds have recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new position in Magnolia Oil & Gas in the first quarter valued at approximately $27,000. Massmutual Trust Co. FSB ADV increased its stake in Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock valued at $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas in the second quarter valued at approximately $26,000. Private Wealth Management Group LLC purchased a new position in Magnolia Oil & Gas in the fourth quarter valued at approximately $33,000. Finally, GAMMA Investing LLC increased its stake in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after purchasing an additional 1,042 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Insider Transactions at Magnolia Oil & Gas

In other news, Director John B. Walker sold 12,000,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the sale, the director now owns 4,164,961 shares of the company’s stock, valued at $106,539,702.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were given a dividend of $0.13 per share. The ex-dividend date was Friday, May 10th. This represents a $0.52 annualized dividend and a dividend yield of 1.92%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

About Magnolia Oil & Gas

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.