Magnolia Oil & Gas (NYSE:MGY) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Magnolia Oil & Gas (NYSE:MGY) posted its quarterly earnings data on Wednesday. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.06, FiscalAI reports. Magnolia Oil & Gas had a net margin of 24.40% and a return on equity of 16.28%. The business had revenue of $478.81 million during the quarter, compared to analysts’ expectations of $458.10 million. During the same quarter in the prior year, the business posted $0.41 earnings per share. Magnolia Oil & Gas’s revenue was up 50.1% compared to the same quarter last year.

Magnolia Oil & Gas Price Performance

MGY stock opened at $23.73 on Thursday. The company has a fifty day moving average price of $26.29 and a 200-day moving average price of $27.60. The company has a market capitalization of $4.39 billion, a P/E ratio of 13.80 and a beta of 0.72. Magnolia Oil & Gas has a 52-week low of $21.07 and a 52-week high of $32.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10.

Magnolia Oil & Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 10th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, August 10th. This represents a $0.72 annualized dividend and a yield of 3.0%. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.17. Magnolia Oil & Gas’s dividend payout ratio is 38.37%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in Magnolia Oil & Gas by 165.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after acquiring an additional 864 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Magnolia Oil & Gas by 79.8% in the 4th quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock worth $39,000 after purchasing an additional 785 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Magnolia Oil & Gas by 90.5% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after purchasing an additional 1,051 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in shares of Magnolia Oil & Gas in the 4th quarter valued at $92,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Magnolia Oil & Gas in the 4th quarter valued at $99,000. Institutional investors and hedge funds own 94.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Susquehanna upped their price target on shares of Magnolia Oil & Gas from $35.00 to $36.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. UBS Group decreased their price objective on shares of Magnolia Oil & Gas from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Truist Financial upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and boosted their price objective for the company from $32.00 to $33.00 in a research report on Tuesday, July 28th. Mizuho upgraded Magnolia Oil & Gas to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Roth Capital reduced their target price on Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).