Magnolia Oil & Gas (NYSE:MGY) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Magnolia Oil & Gas (NYSE:MGY) released its quarterly earnings data on Wednesday. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06, FiscalAI reports. The firm had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.39%. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share.

Magnolia Oil & Gas Price Performance

Shares of MGY traded up $0.55 during mid-day trading on Friday, hitting $25.30. 1,620,814 shares of the company were exchanged, compared to its average volume of 3,404,004. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of 11.13 and a beta of 0.72. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a 50 day moving average of $26.23 and a 200-day moving average of $27.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.18 per share. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, August 10th. Magnolia Oil & Gas’s dividend payout ratio is presently 38.37%.

Analysts Set New Price Targets

A number of research firms have weighed in on MGY. Citigroup reduced their price objective on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. UBS Group reduced their price target on Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Truist Financial raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and boosted their price target for the company from $32.00 to $33.00 in a report on Tuesday, July 28th. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a report on Friday, July 31st. Finally, Susquehanna boosted their target price on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in Magnolia Oil & Gas by 165.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after purchasing an additional 864 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Magnolia Oil & Gas by 79.8% during the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after buying an additional 785 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after buying an additional 1,051 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $92,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at about $99,000. Institutional investors and hedge funds own 94.73% of the company’s stock.

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).