Magnolia Oil & Gas (NYSE:MGY) Announces Earnings Results, Beats Expectations By $0.01 EPS

Magnolia Oil & Gas (NYSE:MGY) announced its earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01, FiscalAI reports. The company had revenue of $317.63 million during the quarter, compared to analyst estimates of $322.18 million. Magnolia Oil & Gas had a return on equity of 18.10% and a net margin of 25.90%.The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share.

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY traded up $0.43 during mid-day trading on Friday, reaching $26.64. The company had a trading volume of 739,139 shares, compared to its average volume of 2,790,045. Magnolia Oil & Gas has a one year low of $19.09 and a one year high of $27.47. The company’s 50-day moving average price is $23.00 and its 200-day moving average price is $23.34. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 14.87 and a beta of 0.96. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20.

Magnolia Oil & Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 10th will be given a $0.165 dividend. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, February 10th. Magnolia Oil & Gas’s payout ratio is presently 33.52%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several hedge funds have recently bought and sold shares of the company. Epoch Investment Partners Inc. raised its position in Magnolia Oil & Gas by 58.7% during the third quarter. Epoch Investment Partners Inc. now owns 4,138,626 shares of the company’s stock valued at $98,789,000 after purchasing an additional 1,531,061 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Magnolia Oil & Gas by 192.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,401,279 shares of the company’s stock worth $33,449,000 after buying an additional 921,970 shares during the period. Northern Trust Corp boosted its holdings in shares of Magnolia Oil & Gas by 21.5% during the 3rd quarter. Northern Trust Corp now owns 2,229,193 shares of the company’s stock valued at $53,211,000 after buying an additional 394,579 shares in the last quarter. SIR Capital Management L.P. boosted its position in shares of Magnolia Oil & Gas by 25.1% in the 3rd quarter. SIR Capital Management L.P. now owns 1,740,161 shares of the company’s stock worth $41,538,000 after purchasing an additional 349,461 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Magnolia Oil & Gas by 16.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,360,238 shares of the company’s stock worth $53,058,000 after purchasing an additional 333,566 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MGY shares. KeyCorp set a $29.00 target price on Magnolia Oil & Gas and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Mizuho set a $30.00 price target on Magnolia Oil & Gas in a research report on Friday. Zacks Research lowered shares of Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Wells Fargo & Company set a $22.00 price objective on shares of Magnolia Oil & Gas and gave the company an “equal weight” rating in a report on Tuesday, January 27th. Finally, Piper Sandler cut their price target on shares of Magnolia Oil & Gas from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, November 18th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas has an average rating of “Moderate Buy” and a consensus price target of $26.73.

About Magnolia Oil & Gas

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).