Seaport Res Ptn Weighs in on Magnolia Oil & Gas Co.'s Q3 2024 Earnings (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) - Analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a report issued on Tuesday, August 27th. Seaport Res Ptn analyst N. Pope now anticipates that the company will earn $0.53 per share for the quarter, up from their previous estimate of $0.48. The consensus estimate for Magnolia Oil & Gas' current full-year earnings is $2.14 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas' Q4 2024 earnings at $0.52 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.46 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.91 EPS.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.51 by $0.05. The firm had revenue of $336.73 million for the quarter, compared to analyst estimates of $340.72 million. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%.

Several other equities analysts have also issued reports on MGY. Mizuho lifted their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, May 13th. Truist Financial lifted their target price on Magnolia Oil & Gas from $34.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. Bank of America increased their target price on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, July 23rd. Susquehanna raised their price target on shares of Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a "positive" rating in a research note on Monday, July 22nd. Finally, Piper Sandler lowered their price objective on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Magnolia Oil & Gas presently has an average rating of "Hold" and an average price target of $28.70.

Magnolia Oil & Gas Price Performance

NYSE:MGY traded up $0.01 during mid-day trading on Wednesday, reaching $25.49. The stock had a trading volume of 1,086,454 shares, compared to its average volume of 2,675,945. The stock has a 50-day simple moving average of $25.48 and a two-hundred day simple moving average of $24.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63. The stock has a market capitalization of $5.08 billion, a PE ratio of 12.68, a P/E/G ratio of 1.17 and a beta of 2.02.

Magnolia Oil & Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, August 9th. Magnolia Oil & Gas's dividend payout ratio (DPR) is currently 25.87%.

Hedge Funds Weigh In On Magnolia Oil & Gas

Large investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV raised its position in Magnolia Oil & Gas by 1,753.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company's stock worth $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Magnolia Oil & Gas during the second quarter worth about $26,000. Mather Group LLC. acquired a new position in shares of Magnolia Oil & Gas in the first quarter worth approximately $27,000. Private Wealth Management Group LLC acquired a new position in shares of Magnolia Oil & Gas in the fourth quarter worth approximately $33,000. Finally, GAMMA Investing LLC boosted its holdings in Magnolia Oil & Gas by 184.4% in the second quarter. GAMMA Investing LLC now owns 1,607 shares of the company's stock valued at $41,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors own 94.73% of the company's stock.

About Magnolia Oil & Gas

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.