Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Stock analysts at Seaport Res Ptn decreased their Q3 2022 EPS estimates for shares of Magnolia Oil & Gas in a report released on Wednesday, September 21st. Seaport Res Ptn analyst N. Pope now anticipates that the company will earn $1.24 per share for the quarter, down from their prior forecast of $1.25. The consensus estimate for Magnolia Oil & Gas' current full-year earnings is $4.89 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas' Q4 2022 earnings at $1.01 EPS and FY2022 earnings at $4.51 EPS.
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Several other research firms also recently weighed in on MGY. Wells Fargo & Company raised their target price on shares of Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 11th. MKM Partners reiterated a "buy" rating and set a $26.00 price target on shares of Magnolia Oil & Gas in a report on Wednesday, July 20th. Truist Financial lifted their price target on shares of Magnolia Oil & Gas from $35.00 to $39.00 and gave the stock a "buy" rating in a report on Tuesday, July 19th. Finally, KeyCorp assumed coverage on shares of Magnolia Oil & Gas in a report on Monday, September 19th. They issued an "overweight" rating and a $28.00 target price for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.56.
Magnolia Oil & Gas Stock Down 10.1 %
Shares of NYSE MGY opened at $18.97 on Friday. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.31. Magnolia Oil & Gas has a 52 week low of $16.02 and a 52 week high of $30.31. The firm has a 50-day moving average price of $22.91 and a 200 day moving average price of $23.72. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 5.11 and a beta of 2.10.
Magnolia Oil & Gas (NYSE:MGY – Get Rating) last released its earnings results on Tuesday, August 2nd. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.08). Magnolia Oil & Gas had a return on equity of 63.23% and a net margin of 46.42%. The firm had revenue of $484.65 million during the quarter, compared to analyst estimates of $459.13 million.
Magnolia Oil & Gas Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Thursday, August 11th. Magnolia Oil & Gas's payout ratio is 5.39%.
Hedge Funds Weigh In On Magnolia Oil & Gas
A number of large investors have recently made changes to their positions in the business. Bank of Montreal Can increased its holdings in Magnolia Oil & Gas by 2.4% in the second quarter. Bank of Montreal Can now owns 20,230 shares of the company's stock worth $463,000 after buying an additional 473 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Magnolia Oil & Gas by 4.7% in the first quarter. Hsbc Holdings PLC now owns 12,112 shares of the company's stock valued at $293,000 after acquiring an additional 539 shares during the period. M&T Bank Corp lifted its position in Magnolia Oil & Gas by 4.1% in the first quarter. M&T Bank Corp now owns 16,665 shares of the company's stock worth $394,000 after purchasing an additional 653 shares during the period. BNP Paribas Arbitrage SA lifted its position in Magnolia Oil & Gas by 3.3% in the first quarter. BNP Paribas Arbitrage SA now owns 21,240 shares of the company's stock worth $502,000 after purchasing an additional 673 shares during the period. Finally, Raymond James Trust N.A. lifted its position in Magnolia Oil & Gas by 7.9% in the second quarter. Raymond James Trust N.A. now owns 10,581 shares of the company's stock worth $222,000 after purchasing an additional 772 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.
About Magnolia Oil & Gas
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Magnolia Oil & Gas Corporation 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 Field in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.
Further Reading
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