Magnolia Oil & Gas Co. (NYSE:MGY) Declares Quarterly Dividend of $0.13

Magnolia Oil & Gas Co. (NYSE:MGY - Get Free Report) announced a quarterly dividend on Monday, October 28th, Zacks reports. Shareholders of record on Friday, November 8th will be given a dividend of 0.13 per share on Monday, December 2nd. This represents a $0.52 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Friday, November 8th.

Magnolia Oil & Gas has a dividend payout ratio of 25.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Magnolia Oil & Gas to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 25.1%.

Magnolia Oil & Gas Trading Down 1.1 %

Shares of Magnolia Oil & Gas stock traded down $0.27 during trading hours on Tuesday, reaching $25.30. The stock had a trading volume of 1,333,611 shares, compared to its average volume of 2,559,502. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.33 and a beta of 1.99. The firm has a 50 day simple moving average of $25.28 and a two-hundred day simple moving average of $25.38.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a net margin of 29.44% and a return on equity of 21.18%. The company had revenue of $336.73 million during the quarter, compared to the consensus estimate of $340.72 million. As a group, equities research analysts anticipate that Magnolia Oil & Gas will post 1.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ltd. Enervest sold 7,000,000 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by company insiders.

Analyst Ratings Changes

MGY has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price objective on Magnolia Oil & Gas from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Thursday, September 12th. Benchmark reiterated a "hold" rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Bank of America upped their price target on Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, July 23rd. Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Finally, Truist Financial reduced their target price on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a "buy" rating on the stock in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $27.50.

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.