Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Equities researchers at Seaport Res Ptn boosted their Q3 2022 earnings estimates for Magnolia Oil & Gas in a report released on Wednesday, August 31st. Seaport Res Ptn analyst N. Pope now expects that the company will earn $1.25 per share for the quarter, up from their prior forecast of $1.24. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $4.84 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ Q4 2022 earnings at $1.20 EPS and FY2022 earnings at $4.71 EPS.
Several other equities analysts have also weighed in on the stock. Truist Financial boosted their target price on shares of Magnolia Oil & Gas from $35.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. MKM Partners reiterated a “buy” rating and issued a $26.00 price objective on shares of Magnolia Oil & Gas in a report on Wednesday, July 20th. Finally, Wells Fargo & Company raised their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 11th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.56.
Magnolia Oil & Gas Stock Performance
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Shares of Magnolia Oil & Gas stock opened at $22.52 on Friday. Magnolia Oil & Gas has a one year low of $15.45 and a one year high of $30.31. The company has a market cap of $4.90 billion, a price-to-earnings ratio of 6.07 and a beta of 2.13. The business’s 50 day moving average price is $22.27 and its 200 day moving average price is $23.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.25 and a current ratio of 2.25.
Magnolia Oil & Gas Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 12th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.40 annualized dividend and a yield of 1.78%. Magnolia Oil & Gas’s dividend payout ratio is presently 5.39%.
Insider Buying and Selling
In other news, Director Ltd. Enervest sold 7,500,000 shares of Magnolia Oil & Gas stock in a transaction on Monday, June 6th. The stock was sold at an average price of $27.01, for a total transaction of $202,575,000.00. Following the completion of the transaction, the director now owns 10,912,450 shares of the company’s stock, valued at approximately $294,745,274.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.80% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Verition Fund Management LLC grew its holdings in Magnolia Oil & Gas by 31.3% during the 2nd quarter. Verition Fund Management LLC now owns 11,446 shares of the company’s stock valued at $240,000 after buying an additional 2,728 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in Magnolia Oil & Gas during the 2nd quarter worth about $236,000. Captrust Financial Advisors boosted its stake in shares of Magnolia Oil & Gas by 44.1% during the 2nd quarter. Captrust Financial Advisors now owns 5,198 shares of the company’s stock worth $109,000 after purchasing an additional 1,590 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Magnolia Oil & Gas by 20.1% during the second quarter. Legal & General Group Plc now owns 148,781 shares of the company’s stock worth $3,123,000 after buying an additional 24,861 shares in the last quarter. Finally, First Republic Investment Management Inc. raised its position in shares of Magnolia Oil & Gas by 36.8% in the second quarter. First Republic Investment Management Inc. now owns 142,309 shares of the company’s stock valued at $2,987,000 after buying an additional 38,270 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.
Magnolia Oil & Gas Company Profile
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.
Further Reading
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