Roth Capital Has Negative Forecast for MGY FY2024 Earnings

Magnolia Oil & Gas Co. (NYSE:MGY) – Analysts at Roth Capital lowered their FY2024 earnings per share estimates for shares of Magnolia Oil & Gas in a note issued to investors on Thursday, October 31st. Roth Capital analyst L. Mariani now forecasts that the company will post earnings of $1.90 per share for the year, down from their prior forecast of $2.00. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $1.99 per share. Roth Capital also issued estimates for Magnolia Oil & Gas’ Q4 2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.40 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.44 EPS and Q4 2025 earnings at $0.51 EPS.

Magnolia Oil & Gas (NYSE:MGY) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.48 by $0.04. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%. The company had revenue of $333.14 million during the quarter, compared to analysts’ expectations of $331.45 million.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company lowered Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Truist Financial lifted their price target on Magnolia Oil & Gas from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Friday. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Wolfe Research began coverage on shares of Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Siebert Williams Shank cut shares of Magnolia Oil & Gas from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $27.67.

Magnolia Oil & Gas Stock Up 2.9 %

Shares of NYSE:MGY opened at $25.72 on Monday. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 1.29 and a beta of 1.99. Magnolia Oil & Gas has a one year low of $19.16 and a one year high of $27.63. The firm has a fifty day moving average price of $25.31 and a two-hundred day moving average price of $25.35. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.47 and a quick ratio of 1.28.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, November 8th. Magnolia Oil & Gas’s dividend payout ratio is currently 25.74%.

Insider Activity at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the director now owns 2,099,403 shares of the company’s stock, valued at approximately $54,290,561.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGY. Harbor Capital Advisors Inc. purchased a new stake in Magnolia Oil & Gas during the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Magnolia Oil & Gas by 1,753.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,038 shares of the company’s stock worth $26,000 after purchasing an additional 982 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Magnolia Oil & Gas during the 2nd quarter valued at about $26,000. GAMMA Investing LLC raised its position in Magnolia Oil & Gas by 184.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $41,000 after purchasing an additional 1,042 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in Magnolia Oil & Gas in the 1st quarter worth approximately $50,000. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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.