Magnolia Oil & Gas Co. to Post Q3 2024 Earnings of $0.51 Per Share, Capital One Financial Forecasts (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY - Free Report) - Research analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for shares of Magnolia Oil & Gas in a report released on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $0.51 for the quarter, down from their prior forecast of $0.62. Capital One Financial currently has a "Overweight" rating and a $28.00 target price on the stock. The consensus estimate for Magnolia Oil & Gas' current full-year earnings is $2.08 per share. Capital One Financial also issued estimates for Magnolia Oil & Gas' Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $2.02 EPS, Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.52 EPS, Q4 2025 earnings at $0.54 EPS, FY2025 earnings at $2.01 EPS and FY2026 earnings at $2.37 EPS.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly 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 during 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%.

Other equities research analysts have also issued reports about the company. Benchmark restated a "hold" rating on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. Mizuho cut their price objective on Magnolia Oil & Gas from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Monday. JPMorgan Chase & Co. lowered their price target on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, September 12th. Truist Financial increased their price objective on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Finally, Piper Sandler lowered their target price on shares of Magnolia Oil & Gas from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Magnolia Oil & Gas has an average rating of "Hold" and an average target price of $28.00.

Magnolia Oil & Gas Stock Performance

MGY stock traded up $0.09 during midday trading on Friday, reaching $26.00. 4,407,658 shares of the company's stock traded hands, compared to its average volume of 2,613,621. The stock's 50-day moving average is $25.17 and its 200 day moving average is $25.24. The stock has a market cap of $5.18 billion, a P/E ratio of 12.89, a PEG ratio of 1.18 and a beta of 2.00. Magnolia Oil & Gas has a 52-week low of $19.16 and a 52-week high of $27.63. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21.

Institutional Investors Weigh In On Magnolia Oil & Gas

A number of hedge funds have recently bought and sold shares of MGY. Lindbrook Capital LLC increased its holdings in shares of Magnolia Oil & Gas by 61.5% in 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 during the last quarter. Bank of Montreal Can increased its stake in Magnolia Oil & Gas by 1.8% during the second quarter. Bank of Montreal Can now owns 36,716 shares of the company's stock worth $931,000 after acquiring an additional 640 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Magnolia Oil & Gas by 5.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,156 shares of the company's stock valued at $280,000 after purchasing an additional 730 shares during the period. Commerce Bank lifted its stake in shares of Magnolia Oil & Gas by 4.0% in the 4th quarter. Commerce Bank now owns 24,820 shares of the company's stock valued at $528,000 after purchasing an additional 945 shares during the last quarter. Finally, Fulton Bank N.A. boosted its holdings in shares of Magnolia Oil & Gas by 10.3% in the 2nd quarter. Fulton Bank N.A. now owns 10,411 shares of the company's stock worth $264,000 after purchasing an additional 968 shares during the period. Hedge funds and other institutional investors own 94.73% of the company's stock.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, August 9th. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 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.