Magnolia Oil & Gas (NYSE:MGY) Posts Quarterly Earnings Results

Magnolia Oil & Gas (NYSE:MGY) announced its quarterly earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01, FiscalAI reports. The company had revenue of $317.63 million for the quarter, compared to analysts’ expectations of $322.18 million. Magnolia Oil & Gas had a net margin of 25.90% and a return on equity of 18.10%. Magnolia Oil & Gas’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share.

Magnolia Oil & Gas Trading Down 0.8%

NYSE MGY traded down $0.20 during trading hours on Thursday, reaching $26.19. The company had a trading volume of 3,730,954 shares, compared to its average volume of 2,879,366. The stock has a market capitalization of $4.94 billion, a P/E ratio of 14.63 and a beta of 0.96. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a 1-year low of $19.09 and a 1-year high of $26.53. The stock has a 50-day moving average of $23.00 and a 200 day moving average of $23.34.

Magnolia Oil & Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 10th will be given a $0.165 dividend. The ex-dividend date is Tuesday, February 10th. This is a positive change from Magnolia Oil & Gas’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.5%. Magnolia Oil & Gas’s dividend payout ratio (DPR) is currently 36.87%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its stake in shares of Magnolia Oil & Gas by 3.1% during the third quarter. Coldstream Capital Management Inc. now owns 15,937 shares of the company’s stock valued at $380,000 after buying an additional 482 shares during the period. Lazard Asset Management LLC increased its holdings in Magnolia Oil & Gas by 0.4% in the 2nd quarter. Lazard Asset Management LLC now owns 167,071 shares of the company’s stock valued at $3,755,000 after purchasing an additional 671 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Magnolia Oil & Gas by 0.5% during the second quarter. California State Teachers Retirement System now owns 165,633 shares of the company’s stock worth $3,723,000 after purchasing an additional 835 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Magnolia Oil & Gas by 165.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock valued at $31,000 after buying an additional 864 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Magnolia Oil & Gas by 90.5% during the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock worth $50,000 after purchasing an additional 1,051 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Analyst Ratings Changes

MGY has been the subject of several research reports. Susquehanna lowered their target price on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a report on Monday, January 26th. KeyCorp set a $29.00 price target on shares of Magnolia Oil & Gas and gave the company an “overweight” rating in a research note on Wednesday, October 15th. BMO Capital Markets began coverage on Magnolia Oil & Gas in a research note on Friday, January 9th. They issued an “outperform” rating and a $27.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnolia Oil & Gas in a report on Thursday, January 22nd. Finally, Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and lifted their price target for the company from $26.00 to $28.00 in a research report on Friday, January 16th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.64.

About Magnolia Oil & Gas

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).