Magnolia Oil & Gas (NYSE:MGY) Issues Quarterly Earnings Results

Magnolia Oil & Gas (NYSE:MGY) posted its quarterly earnings results on Wednesday. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03, Zacks reports. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.The business had revenue of $358.51 million during the quarter, compared to the consensus estimate of $349.89 million. During the same period in the prior year, the company posted $0.54 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year.

Magnolia Oil & Gas Trading Down 4.5%

MGY stock traded down $1.30 during midday trading on Thursday, reaching $27.35. The company’s stock had a trading volume of 513,295 shares, compared to its average volume of 2,844,759. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.54 and a current ratio of 1.54. The stock has a fifty day simple moving average of $29.64 and a two-hundred day simple moving average of $25.59. Magnolia Oil & Gas has a 1 year low of $20.81 and a 1 year high of $32.76. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.92 and a beta of 0.75.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th will be paid a $0.165 dividend. The ex-dividend date is Tuesday, May 12th. This represents a $0.66 dividend on an annualized basis and a yield of 2.4%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 38.37%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler upped their price target on Magnolia Oil & Gas from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. BMO Capital Markets started coverage on Magnolia Oil & Gas in a report on Friday, January 9th. They set an “outperform” rating and a $27.00 price objective on the stock. Siebert Williams Shank cut Magnolia Oil & Gas from a “buy” rating to a “hold” rating in a report on Friday, March 6th. Truist Financial upped their price objective on Magnolia Oil & Gas from $33.00 to $34.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Finally, Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.08.

Insiders Place Their Bets

In other Magnolia Oil & Gas news, CEO Christopher G. Stavros sold 119,954 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.29, for a total value of $3,513,452.66. Following the sale, the chief executive officer owned 883,592 shares in the company, valued at $25,880,409.68. This trade represents a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dan F. Smith sold 18,000 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $29.01, for a total value of $522,180.00. Following the completion of the sale, the director owned 119,204 shares in the company, valued at approximately $3,458,108.04. The trade was a 13.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 338,954 shares of company stock valued at $9,911,733. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Magnolia Oil & Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV bought a new position in shares of Magnolia Oil & Gas during the 4th quarter worth $260,000. Caitlin John LLC bought a new position in shares of Magnolia Oil & Gas during the 4th quarter worth $329,000. Empowered Funds LLC grew its position in shares of Magnolia Oil & Gas by 111.4% during the 4th quarter. Empowered Funds LLC now owns 146,186 shares of the company’s stock worth $3,200,000 after buying an additional 77,025 shares in the last quarter. XTX Topco Ltd grew its position in shares of Magnolia Oil & Gas by 599.0% during the 4th quarter. XTX Topco Ltd now owns 219,040 shares of the company’s stock worth $4,795,000 after buying an additional 187,703 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its position in shares of Magnolia Oil & Gas by 116.4% during the 4th quarter. Voloridge Investment Management LLC now owns 969,487 shares of the company’s stock worth $21,222,000 after buying an additional 521,459 shares in the last quarter. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp (NYSE: MGY) is an independent exploration and production company focused on the acquisition, development and optimization of onshore oil and gas assets in South Texas. Headquartered in Houston, the company concentrates its efforts on the Eagle Ford Shale, where it holds significant working interests in key producing counties.

The company’s core operations center on horizontal drilling and multi-stage completions designed to extract light crude oil, natural gas and natural gas liquids (NGLs).