Magnolia Oil & Gas (NYSE:MGY) Posts Earnings Results, Beats Expectations By $0.13 EPS

Magnolia Oil & Gas (NYSE:MGY) announced its earnings results on Wednesday. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.13, FiscalAI reports. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%. The business had revenue of $513.89 million for the quarter, compared to analyst estimates of $474.39 million. During the same period in the prior year, the company earned $0.42 EPS. The company’s quarterly revenue was up 58.2% compared to the same quarter last year.

Magnolia Oil & Gas Trading Up 2.6%

MGY stock traded up $0.60 during midday trading on Thursday, reaching $23.98. The company’s stock had a trading volume of 1,731,530 shares, compared to its average volume of 3,498,663. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 10.51 and a beta of 0.72. The stock has a fifty day simple moving average of $25.55 and a two-hundred day simple moving average of $27.03. Magnolia Oil & Gas has a 1 year low of $21.07 and a 1 year high of $32.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. Magnolia Oil & Gas’s payout ratio is presently 31.58%.

Analysts Set New Price Targets

MGY has been the subject of a number of recent analyst reports. Roth Capital lowered their price target on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Weiss Ratings upgraded Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Susquehanna boosted their price target on Magnolia Oil & Gas from $36.00 to $37.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Siebert Williams Shank raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $32.00 in a report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.53.

Insider Activity

In other news, Director David Khani bought 8,000 shares of Magnolia Oil & Gas stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares of the company’s stock, valued at $765,550. This trade represents a 35.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company’s stock.

About Magnolia Oil & Gas

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.