KeyCorp Equities Analysts Lift Earnings Estimates for Magnolia Oil & Gas Co. (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGYGet Rating) – Research analysts at KeyCorp raised their Q2 2022 earnings per share (EPS) estimates for Magnolia Oil & Gas in a report issued on Tuesday, May 10th. KeyCorp analyst L. Mariani now forecasts that the company will post earnings of $0.91 per share for the quarter, up from their prior estimate of $0.89. KeyCorp has a “Overweight” rating and a $28.00 price objective on the stock. KeyCorp also issued estimates for Magnolia Oil & Gas’ Q3 2022 earnings at $0.77 EPS, Q4 2022 earnings at $0.78 EPS, FY2022 earnings at $3.37 EPS, Q1 2023 earnings at $0.69 EPS, Q2 2023 earnings at $0.70 EPS, Q3 2023 earnings at $0.76 EPS, Q4 2023 earnings at $0.81 EPS and FY2023 earnings at $2.95 EPS.

Magnolia Oil & Gas (NYSE:MGYGet Rating) last issued its quarterly earnings results on Monday, May 9th. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.03). Magnolia Oil & Gas had a return on equity of 57.17% and a net margin of 41.80%. The company had revenue of $377.84 million for the quarter, compared to analyst estimates of $374.63 million. During the same period in the prior year, the business earned $0.38 earnings per share. Magnolia Oil & Gas’s revenue for the quarter was up 80.7% compared to the same quarter last year.

Several other brokerages also recently weighed in on MGY. Truist Financial increased their price target on Magnolia Oil & Gas from $26.00 to $35.00 in a report on Thursday, April 21st. Susquehanna Bancshares raised their target price on Magnolia Oil & Gas from $24.00 to $29.00 and gave the company a “positive” rating in a report on Monday, April 25th. Wells Fargo & Company raised their target price on Magnolia Oil & Gas from $23.00 to $29.00 and gave the company an “equal weight” rating in a report on Monday, March 14th. Piper Sandler raised their target price on Magnolia Oil & Gas from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, April 7th. Finally, Zacks Investment Research raised Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a report on Tuesday, April 12th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $26.23.

Shares of NYSE MGY opened at $23.73 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a fifty day moving average price of $24.07 and a 200 day moving average price of $21.73. Magnolia Oil & Gas has a 1-year low of $11.59 and a 1-year high of $26.83. The company has a market cap of $5.38 billion, a PE ratio of 8.27 and a beta of 2.12.

In other news, Director Ltd. Enervest sold 7,500,000 shares of the firm’s stock in a transaction on Monday, March 14th. The stock was sold at an average price of $21.72, for a total value of $162,900,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.80% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new stake in Magnolia Oil & Gas during the 1st quarter worth about $22,016,000. Verition Fund Management LLC purchased a new stake in Magnolia Oil & Gas during the 1st quarter worth about $206,000. Employees Retirement System of Texas increased its position in Magnolia Oil & Gas by 14.5% during the 1st quarter. Employees Retirement System of Texas now owns 182,000 shares of the company’s stock worth $4,304,000 after purchasing an additional 23,000 shares in the last quarter. Wasatch Advisors Inc. increased its position in Magnolia Oil & Gas by 4.0% during the 1st quarter. Wasatch Advisors Inc. now owns 4,495,431 shares of the company’s stock worth $106,317,000 after purchasing an additional 171,135 shares in the last quarter. Finally, Quantedge Capital Pte Ltd increased its position in Magnolia Oil & Gas by 157.7% during the 1st quarter. Quantedge Capital Pte Ltd now owns 371,100 shares of the company’s stock worth $8,777,000 after purchasing an additional 227,100 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

About Magnolia Oil & Gas (Get Rating)

Magnolia Oil & Gas Corporation 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 Field in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.

Featured Stories

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

Receive News & Ratings for Magnolia Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnolia Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.