Zacks: Analysts Anticipate Magnolia Oil & Gas Co. (NYSE:MGY) to Post $0.59 EPS

Equities analysts forecast that Magnolia Oil & Gas Co. (NYSE:MGY) will report earnings of $0.59 per share for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Magnolia Oil & Gas’ earnings, with the lowest EPS estimate coming in at $0.43 and the highest estimate coming in at $0.67. Magnolia Oil & Gas posted earnings per share of $0.06 during the same quarter last year, which would suggest a positive year-over-year growth rate of 883.3%. The company is expected to issue its next earnings results before the market opens on Tuesday, November 2nd.

On average, analysts expect that Magnolia Oil & Gas will report full year earnings of $1.99 per share for the current fiscal year, with EPS estimates ranging from $1.81 to $2.16. For the next year, analysts anticipate that the business will report earnings of $2.13 per share, with EPS estimates ranging from $1.53 to $2.44. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Magnolia Oil & Gas.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings results on Sunday, August 1st. The company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.15. The firm had revenue of $250.73 million for the quarter, compared to analyst estimates of $229.42 million. Magnolia Oil & Gas had a net margin of 25.33% and a return on equity of 23.92%.

Several research firms recently commented on MGY. Truist upped their price target on shares of Magnolia Oil & Gas from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, October 7th. Citigroup increased their target price on shares of Magnolia Oil & Gas from $14.00 to $15.50 and gave the company a “neutral” rating in a research report on Thursday, July 22nd. Evercore ISI started coverage on shares of Magnolia Oil & Gas in a research report on Monday, August 2nd. They set an “outperform” rating and a $18.00 price objective for the company. Zacks Investment Research cut Magnolia Oil & Gas from a “strong-buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a research note on Tuesday, August 31st. Finally, Piper Sandler lifted their target price on Magnolia Oil & Gas from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, July 22nd. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $17.88.

In other Magnolia Oil & Gas news, Director John B. Walker sold 7,500,000 shares of the business’s stock in a transaction dated Tuesday, September 28th. The shares were sold at an average price of $16.38, for a total value of $122,850,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen I. Chazen bought 50,000 shares of Magnolia Oil & Gas stock in a transaction dated Thursday, August 5th. The shares were acquired at an average cost of $14.12 per share, with a total value of $706,000.00. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGY. Harvest Fund Management Co. Ltd purchased a new position in Magnolia Oil & Gas during the 1st quarter valued at about $31,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth about $32,000. Berman Capital Advisors LLC raised its position in shares of Magnolia Oil & Gas by 56.9% during the 3rd quarter. Berman Capital Advisors LLC now owns 1,963 shares of the company’s stock worth $34,000 after acquiring an additional 712 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Magnolia Oil & Gas during the 1st quarter worth about $41,000. Finally, Rockefeller Capital Management L.P. raised its position in shares of Magnolia Oil & Gas by 108.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 4,611 shares of the company’s stock worth $52,000 after acquiring an additional 2,399 shares in the last quarter. Institutional investors and hedge funds own 76.56% of the company’s stock.

Shares of MGY stock traded up $0.25 during trading on Friday, reaching $20.52. The company’s stock had a trading volume of 37,454 shares, compared to its average volume of 2,523,763. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average price of $16.21 and a 200-day moving average price of $14.28. Magnolia Oil & Gas has a one year low of $4.09 and a one year high of $20.62. The company has a market cap of $4.84 billion, a price-to-earnings ratio of 17.27 and a beta of 2.47.

The firm also recently announced a Semi-Annual dividend, which was paid on Wednesday, September 1st. Investors of record on Thursday, August 12th were issued a $0.08 dividend. This represents a dividend yield of 1.15%. The ex-dividend date of this dividend was Wednesday, August 11th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently -800.00%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.

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Earnings History and Estimates for Magnolia Oil & Gas (NYSE:MGY)

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