Magnolia Oil & Gas (NYSE:MGY) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Magnolia Oil & Gas (NYSE:MGY) issued its quarterly earnings results on Wednesday. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.13, FiscalAI reports. Magnolia Oil & Gas had a net margin of 28.77% and a return on equity of 21.04%. The company had revenue of $513.89 million during the quarter, compared to analysts’ expectations of $474.39 million. During the same period last year, the business earned $0.42 EPS. The business’s quarterly revenue was up 58.2% on a year-over-year basis.

Magnolia Oil & Gas Stock Down 5.4%

Shares of NYSE MGY traded down $1.34 during trading hours on Wednesday, hitting $23.32. The company had a trading volume of 3,185,450 shares, compared to its average volume of 2,964,634. Magnolia Oil & Gas has a 1-year low of $21.07 and a 1-year high of $32.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. The firm’s 50 day moving average is $25.55 and its 200-day moving average is $27.03. The stock has a market capitalization of $5.53 billion, a P/E ratio of 10.68 and a beta of 0.72.

Magnolia Oil & Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 10th. Magnolia Oil & Gas’s dividend payout ratio is presently 31.58%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Weiss Ratings raised shares of Magnolia Oil & Gas from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. raised shares of Magnolia Oil & Gas from a “neutral” rating to an “overweight” rating and raised their target price for the company from $32.00 to $33.00 in a research report on Tuesday, September 8th. Johnson Rice upgraded shares of Magnolia Oil & Gas from a “hold” rating to an “accumulate” rating and lowered their price target for the company from $33.00 to $32.00 in a research note on Monday, August 17th. Williams Trading set a $32.00 price target on shares of Magnolia Oil & Gas in a research report on Wednesday, September 23rd. Finally, Scotiabank started coverage on shares of Magnolia Oil & Gas in a research note on Wednesday, October 14th. They set a “sector outperform” rating and a $31.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Magnolia Oil & Gas has an average rating of “Moderate Buy” and a consensus target price of $31.53.

Insiders Place Their Bets

In other news, Director David Khani bought 8,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director owned 30,622 shares in the company, valued at approximately $765,550. This represents a 35.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.92% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation (NYSE: MGY) is an independent oil and natural gas exploration and production company focused on developing assets in South Texas. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations, where it owns and operates a substantial acreage position.

The company produces crude oil, condensate, natural gas liquids and natural gas. Magnolia uses horizontal drilling and hydraulic fracturing technologies to develop unconventional reserves, with activity primarily centered in the Karnes and Giddings areas of South Texas.

Magnolia Oil & Gas was formed in 2017 through a business combination involving Silver Run Acquisition Corporation II and certain oil and gas assets previously associated with TGP Investments.