Q3 2024 EPS Estimates for Magnolia Oil & Gas Co. Reduced by Analyst (NYSE:MGY)

by · The Cerbat Gem

Magnolia Oil & Gas Co. (NYSE:MGY – Free Report) – Analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for Magnolia Oil & Gas in a research report issued to clients and investors on Wednesday, October 2nd. Zacks Research analyst N. Choudhury now expects that the company will earn $0.46 per share for the quarter, down from their prior estimate of $0.49. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $1.98 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.46 EPS, Q1 2025 earnings at $0.47 EPS, Q2 2025 earnings at $0.47 EPS, Q3 2025 earnings at $0.49 EPS, Q4 2025 earnings at $0.49 EPS, FY2025 earnings at $1.92 EPS, Q1 2026 earnings at $0.47 EPS, Q2 2026 earnings at $0.51 EPS, Q3 2026 earnings at $0.58 EPS and FY2026 earnings at $2.16 EPS.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Capital One Financial started coverage on Magnolia Oil & Gas in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $28.00 price target for the company. Mizuho lowered their target price on shares of Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Truist Financial cut their price target on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, Wells Fargo & Company downgraded shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $26.00 to $22.00 in a research note on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.27.

Check Out Our Latest Stock Report on Magnolia Oil & Gas

Magnolia Oil & Gas Stock Up 2.3 %

Shares of Magnolia Oil & Gas stock opened at $26.85 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.28 and a quick ratio of 1.28. The firm’s 50-day moving average is $24.88 and its two-hundred day moving average is $25.36. Magnolia Oil & Gas has a 1 year low of $19.16 and a 1 year high of $27.63. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.29 and a beta of 1.99.

Magnolia Oil & Gas (NYSE:MGY – Get Free Report) last issued its earnings results on Wednesday, July 31st. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The business had revenue of $336.73 million for 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%.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, August 9th. This represents a $0.52 annualized dividend and a dividend yield of 1.94%. Magnolia Oil & Gas’s dividend payout ratio is presently 25.87%.

Insider Activity

In related news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Magnolia Oil & Gas

Institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB lifted its holdings in shares of Magnolia Oil & Gas by 37.1% in the 1st quarter. Nordea Investment Management AB now owns 521,702 shares of the company’s stock valued at $13,387,000 after buying an additional 141,046 shares during the period. Maryland State Retirement & Pension System acquired a new stake in Magnolia Oil & Gas in the 1st quarter valued at about $1,721,000. Texas Permanent School Fund Corp purchased a new position in Magnolia Oil & Gas during the 1st quarter valued at about $4,207,000. Vanguard Group Inc. raised its position in Magnolia Oil & Gas by 16.6% during the first quarter. Vanguard Group Inc. now owns 20,757,369 shares of the company’s stock worth $538,654,000 after acquiring an additional 2,956,314 shares during the last quarter. Finally, Wasatch Advisors LP lifted its holdings in shares of Magnolia Oil & Gas by 2.2% in the fourth quarter. Wasatch Advisors LP now owns 3,679,262 shares of the company’s stock valued at $78,331,000 after purchasing an additional 77,733 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

About Magnolia Oil & Gas

(Get Free Report)

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.

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