Equities Analysts Offer Predictions for Magnolia Oil & Gas Co.’s Q2 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY) – Analysts at Capital One Financial issued their Q2 2024 earnings per share estimates for shares of Magnolia Oil & Gas in a report issued on Tuesday, June 11th. Capital One Financial analyst P. Johnston expects that the company will post earnings of $0.56 per share for the quarter. Capital One Financial has a “Overweight” rating and a $28.00 price objective on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.25 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas’ Q3 2024 earnings at $0.59 EPS, Q4 2024 earnings at $0.61 EPS, FY2024 earnings at $2.26 EPS, FY2025 earnings at $2.69 EPS, FY2026 earnings at $2.77 EPS, FY2027 earnings at $2.70 EPS and FY2028 earnings at $2.97 EPS.

MGY has been the topic of several other research reports. Citigroup boosted their target price on Magnolia Oil & Gas from $18.00 to $22.00 and gave the company a “sell” rating in a research report on Monday, April 15th. The Goldman Sachs Group boosted their target price on Magnolia Oil & Gas from $24.50 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. Benchmark reissued a “hold” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, April 23rd. Wells Fargo & Company boosted their target price on 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. Finally, Bank of America initiated coverage on Magnolia Oil & Gas in a research report on Tuesday, February 27th. They set a “buy” rating and a $25.00 target price on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas currently has a consensus rating of “Hold” and an average target price of $28.11.

Magnolia Oil & Gas Stock Performance

NYSE MGY opened at $23.84 on Thursday. The company has a market cap of $4.83 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.39 and a beta of 2.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.71 and a current ratio of 1.71. The business’s 50 day moving average price is $25.48 and its 200-day moving average price is $23.24. Magnolia Oil & Gas has a fifty-two week low of $19.16 and a fifty-two week high of $27.33.

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

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in MGY. Mather Group LLC. bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth $27,000. Private Wealth Management Group LLC bought a new position in shares of Magnolia Oil & Gas during the 4th quarter worth $33,000. VisionPoint Advisory Group LLC grew its position in shares of Magnolia Oil & Gas by 112.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock worth $35,000 after buying an additional 813 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Magnolia Oil & Gas by 61.5% during the 1st quarter. Lindbrook Capital LLC now owns 1,647 shares of the company’s stock worth $43,000 after buying an additional 627 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in shares of Magnolia Oil & Gas during the 1st quarter worth $50,000. Institutional investors own 94.73% of the company’s stock.

Insider Activity at Magnolia Oil & Gas

In other news, Director John B. Walker sold 12,000,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.58, for a total transaction of $306,960,000.00. Following the transaction, the director now owns 4,164,961 shares of the company’s stock, valued at approximately $106,539,702.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is owned by company insiders.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Friday, May 10th. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Magnolia Oil & Gas Company Profile

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.