Magnolia Oil & Gas Corp (MGY) To Go Ex-Dividend on August 10th

Magnolia Oil & Gas Corp (NYSE:MGY) announced a quarterly dividend on Wednesday, July 29th. Investors of record on Monday, August 10th will be paid a dividend of 0.18 per share on Tuesday, September 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. This is a 9.1% increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.17.

Magnolia Oil & Gas has a payout ratio of 36.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Magnolia Oil & Gas to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 23.5%.

Magnolia Oil & Gas Price Performance

NYSE:MGY opened at $25.07 on Friday. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of 10.99 and a beta of 0.72. Magnolia Oil & Gas has a 52-week low of $21.07 and a 52-week high of $32.76. The stock has a fifty day moving average of $26.19 and a 200 day moving average of $27.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.10 and a current ratio of 1.58.

Magnolia Oil & Gas (NYSE:MGY) last announced its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.06. Magnolia Oil & Gas had a return on equity of 21.04% and a net margin of 28.77%.The business had revenue of $478.81 million for the quarter, compared to analyst estimates of $458.10 million. During the same period in the prior year, the company earned $0.41 EPS. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, research analysts expect that Magnolia Oil & Gas will post 2.78 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wells Fargo & Company cut their price objective on Magnolia Oil & Gas from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Truist Financial raised shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating and raised their target price for the company from $32.00 to $33.00 in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research report on Saturday. Mizuho raised shares of Magnolia Oil & Gas to a “strong-buy” rating in a research note on Friday, July 31st. Finally, KeyCorp reissued an “overweight” rating on shares of Magnolia Oil & Gas in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

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).