Magnolia Oil & Gas Corp (MGY) To Go Ex-Dividend on November 10th

Magnolia Oil & Gas Corp (NYSE:MGY) announced a quarterly dividend on Wednesday, October 28th. Stockholders of record on Tuesday, November 10th will be paid a dividend of $0.18 per share on Tuesday, December 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, November 10th.

Magnolia Oil & Gas has a payout ratio of 36.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Magnolia Oil & Gas to earn $2.82 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 25.5%.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $26.21 on Friday. The company has a 50-day simple moving average of $25.76 and a two-hundred day simple moving average of $26.99. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. Magnolia Oil & Gas has a 12-month low of $21.07 and a 12-month high of $32.76. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of 11.50 and a beta of 0.80.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The firm had revenue of $478.81 million during the quarter, compared to the consensus estimate of $458.10 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The business’s revenue was up 50.1% on a year-over-year basis. On average, equities analysts forecast that Magnolia Oil & Gas will post 2.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on MGY. Mizuho raised Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Siebert Williams Shank raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $32.00 in a research report on Wednesday, September 23rd. Williams Trading set a $32.00 target price on Magnolia Oil & Gas in a report on Wednesday, September 23rd. Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Susquehanna boosted their price objective on shares of Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.53.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.