Magnolia Oil & Gas (NYSE:MGY) Announces Earnings Results

Magnolia Oil & Gas (NYSE:MGY) posted its quarterly earnings results on Wednesday. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13, FiscalAI reports. The company had revenue of $513.89 million for the quarter, compared to the consensus estimate of $474.39 million. Magnolia Oil & Gas had a return on equity of 25.19% and a net margin of 25.82%. The firm’s quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded up $0.42 during trading hours on Friday, reaching $23.94. 1,217,827 shares of the stock were exchanged, compared to its average volume of 3,501,211. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 10.75 and a beta of 0.72. The stock’s fifty day simple moving average is $25.50 and its 200 day simple moving average is $27.04. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.58 and a current ratio of 1.58. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $32.76.

Magnolia Oil & Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 10th will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.72 annualized dividend and a dividend yield of 3.0%. Magnolia Oil & Gas’s dividend payout ratio is presently 31.58%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. KeyCorp restated an “overweight” rating and set a $38.00 target price on shares of Magnolia Oil & Gas in a research report on Wednesday, August 12th. Susquehanna boosted their price objective on Magnolia Oil & Gas from $36.00 to $37.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Magnolia Oil & Gas from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Truist Financial raised their target price on shares of Magnolia Oil & Gas from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. Finally, Roth Capital lowered their price objective on shares of Magnolia Oil & Gas from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and a consensus target price of $31.47.

Magnolia Oil & Gas Company Profile

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.