Magnolia Oil & Gas Co. (NYSE:MGY) to Post Q3 2024 Earnings of $0.49 Per Share, Zacks Research Forecasts

Magnolia Oil & Gas Co. (NYSE:MGY) – Investment analysts at Zacks Research reduced their Q3 2024 earnings estimates for Magnolia Oil & Gas in a research report issued to clients and investors on Thursday, September 26th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $0.49 per share for the quarter, down from their previous forecast of $0.55. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.04 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.49 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.51 EPS, FY2025 earnings at $2.01 EPS, Q1 2026 earnings at $0.49 EPS, Q2 2026 earnings at $0.53 EPS and FY2026 earnings at $2.24 EPS.

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

MGY has been the subject of several other research reports. Wolfe Research initiated coverage on shares of Magnolia Oil & Gas in a research note on Thursday, July 18th. They issued an “outperform” rating and a $32.00 price objective for the company. Wells Fargo & Company cut shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $26.00 to $22.00 in a research note on Tuesday. Susquehanna cut their target price on Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Piper Sandler reduced their price target 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. Finally, Bank of America upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.27.

Magnolia Oil & Gas Trading Up 1.8 %

NYSE MGY opened at $24.86 on Monday. The business has a fifty day simple moving average of $24.90 and a 200 day simple moving average of $25.32. The firm has a market capitalization of $5.04 billion, a P/E ratio of 12.28, a PEG ratio of 1.21 and a beta of 2.00. 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 12 month low of $19.16 and a 12 month high of $27.63.

Magnolia Oil & Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Friday, August 9th. Magnolia Oil & Gas’s payout ratio is currently 25.87%.

Insider Activity at Magnolia Oil & Gas

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 directly owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by corporate insiders.

Institutional Trading of Magnolia Oil & Gas

Institutional investors and hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its stake 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 valued at $26,000 after buying an additional 982 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Magnolia Oil & Gas during the second quarter valued at $26,000. Mather Group LLC. bought a new position in shares of Magnolia Oil & Gas in the 1st quarter valued at about $27,000. GAMMA Investing LLC boosted its holdings in shares of Magnolia Oil & Gas by 184.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock worth $41,000 after purchasing an additional 1,042 shares during the period. Finally, Lindbrook Capital LLC boosted its stake in Magnolia Oil & Gas by 61.5% during the first 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 period. 94.73% of the stock is currently owned by institutional investors.

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.