Q2 2024 EPS Estimates for Magnolia Oil & Gas Co. (NYSE:MGY) Boosted by Zacks Research

Magnolia Oil & Gas Co. (NYSE:MGYFree Report) – Research analysts at Zacks Research upped their Q2 2024 EPS estimates for shares of Magnolia Oil & Gas in a report released on Thursday, May 16th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of $0.49 for the quarter, up from their previous estimate of $0.46. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.23 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q3 2024 earnings at $0.52 EPS, FY2024 earnings at $1.99 EPS, Q1 2025 earnings at $0.50 EPS, Q2 2025 earnings at $0.55 EPS, Q3 2025 earnings at $0.58 EPS, Q4 2025 earnings at $0.56 EPS, FY2025 earnings at $2.19 EPS and Q1 2026 earnings at $0.54 EPS.

MGY has been the topic of a number of other research reports. The Goldman Sachs Group raised their price target on Magnolia Oil & Gas from $24.50 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Bank of America assumed coverage on shares of Magnolia Oil & Gas in a report on Tuesday, February 27th. They issued a “buy” rating and a $25.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Magnolia Oil & Gas from $23.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Magnolia Oil & Gas in a research note on Friday, April 19th. Finally, Mizuho boosted their price target on Magnolia Oil & Gas from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $27.88.

Read Our Latest Report on Magnolia Oil & Gas

Magnolia Oil & Gas Stock Performance

Shares of NYSE:MGY opened at $25.55 on Monday. The firm’s 50 day simple moving average is $25.69 and its 200 day simple moving average is $22.86. Magnolia Oil & Gas has a fifty-two week low of $19.05 and a fifty-two week high of $27.33. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.46 and a beta of 2.03. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.71 and a quick ratio of 1.71.

Hedge Funds Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Magnolia Oil & Gas by 9.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,041,390 shares of the company’s stock worth $64,751,000 after buying an additional 274,908 shares in the last quarter. Vest Financial LLC raised its stake in Magnolia Oil & Gas by 51.4% in the 4th quarter. Vest Financial LLC now owns 606,277 shares of the company’s stock worth $12,908,000 after purchasing an additional 205,924 shares in the last quarter. VisionPoint Advisory Group LLC boosted its holdings in Magnolia Oil & Gas by 112.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 1,537 shares of the company’s stock valued at $35,000 after purchasing an additional 813 shares during the period. Sei Investments Co. raised its holdings in Magnolia Oil & Gas by 6.2% in the 3rd quarter. Sei Investments Co. now owns 818,397 shares of the company’s stock valued at $18,750,000 after acquiring an additional 47,564 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Magnolia Oil & Gas by 280.6% in the fourth quarter. Los Angeles Capital Management LLC now owns 48,635 shares of the company’s stock valued at $1,035,000 after purchasing an additional 35,856 shares in the last quarter. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director John B. Walker sold 12,000,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.58, for a total value of $306,960,000.00. Following the sale, the director now directly owns 4,164,961 shares of the company’s stock, valued at approximately $106,539,702.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 13th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. Magnolia Oil & Gas’s dividend payout ratio is 25.87%.

Magnolia Oil & Gas Company Profile

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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.

See Also

Earnings History and Estimates for Magnolia Oil & Gas (NYSE:MGY)

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