Seaport Res Ptn Research Analysts Increase Earnings Estimates for Magnolia Oil & Gas Co. (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Seaport Res Ptn increased their Q2 2022 earnings per share estimates for Magnolia Oil & Gas in a research report issued to clients and investors on Tuesday, April 19th. Seaport Res Ptn analyst N. Pope now anticipates that the company will post earnings of $1.15 per share for the quarter, up from their previous estimate of $1.06. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ FY2022 earnings at $4.41 EPS.

Magnolia Oil & Gas (NYSE:MGY – Get Rating) last posted its quarterly earnings data on Wednesday, February 16th. The company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.08. Magnolia Oil & Gas had a return on equity of 47.42% and a net margin of 38.85%. The firm had revenue of $332.15 million during the quarter, compared to the consensus estimate of $326.40 million. During the same period in the prior year, the company earned $0.15 EPS. The firm’s revenue was up 120.3% compared to the same quarter last year.

Other analysts have also recently issued reports about the company. Wells Fargo & Company upped 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. Zacks Investment Research upgraded Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a report on Tuesday, April 12th. Piper Sandler increased their price target on Magnolia Oil & Gas from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, April 7th. Truist Financial increased their price target on Magnolia Oil & Gas from $26.00 to $35.00 in a report on Thursday. Finally, KeyCorp increased their price target on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, April 14th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $25.61.

Shares of NYSE:MGY opened at $24.01 on Thursday. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average of $23.43 and a two-hundred day moving average of $21.40. The stock has a market cap of $5.44 billion, a P/E ratio of 10.26 and a beta of 2.26. Magnolia Oil & Gas has a 52-week low of $10.67 and a 52-week high of $26.83.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC boosted its holdings in Magnolia Oil & Gas by 43.4% in the third quarter. Signaturefd LLC now owns 1,702 shares of the company’s stock valued at $30,000 after purchasing an additional 515 shares during the last quarter. LPL Financial LLC boosted its holdings in Magnolia Oil & Gas by 1.7% in the fourth quarter. LPL Financial LLC now owns 32,248 shares of the company’s stock valued at $609,000 after purchasing an additional 526 shares during the last quarter. Amalgamated Bank raised its stake in Magnolia Oil & Gas by 2.4% during the fourth quarter. Amalgamated Bank now owns 25,365 shares of the company’s stock valued at $479,000 after buying an additional 594 shares in the last quarter. Captrust Financial Advisors raised its stake in Magnolia Oil & Gas by 35.2% during the third quarter. Captrust Financial Advisors now owns 2,445 shares of the company’s stock valued at $43,000 after buying an additional 637 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in Magnolia Oil & Gas by 10.2% during the third quarter. O Shaughnessy Asset Management LLC now owns 7,537 shares of the company’s stock valued at $134,000 after buying an additional 698 shares in the last quarter.

In other news, Director Ltd. Enervest sold 7,455,815 shares of the business’s stock in a transaction on Thursday, February 3rd. The stock was sold at an average price of $21.00, for a total value of $156,572,115.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.80% of the company’s stock.

The company also recently declared a semi-annual dividend, which was paid on Tuesday, March 1st. Shareholders of record on Monday, February 14th were given a dividend of $0.20 per share. This is a positive change from Magnolia Oil & Gas’s previous semi-annual dividend of $0.08. The ex-dividend date of this dividend was Friday, February 11th. This represents a yield of 1.3%. Magnolia Oil & Gas’s payout ratio is 17.09%.

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.

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