Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Equities researchers at Seaport Res Ptn reduced their Q2 2023 EPS estimates for Magnolia Oil & Gas in a research note issued on Thursday, May 18th. Seaport Res Ptn analyst N. Pope now anticipates that the company will earn $0.48 per share for the quarter, down from their previous forecast of $0.55. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.54 per share. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ Q3 2023 earnings at $0.52 EPS and Q4 2023 earnings at $0.53 EPS.
A number of other analysts also recently issued reports on the stock. Roth Capital restated a “buy” rating on shares of Magnolia Oil & Gas in a report on Tuesday, February 14th. Truist Financial decreased their price objective on shares of Magnolia Oil & Gas from $36.00 to $33.00 in a report on Friday, May 5th. Citigroup decreased their price objective on shares of Magnolia Oil & Gas from $25.00 to $22.00 in a report on Sunday. Credit Suisse Group raised their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Finally, Piper Sandler cut their target price on shares of Magnolia Oil & Gas from $34.00 to $33.00 in a research report on Thursday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas has an average rating of “Moderate Buy” and an average target price of $28.88.
Magnolia Oil & Gas Stock Performance
Magnolia Oil & Gas Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Thursday, May 11th will be given a dividend of $0.115 per share. The ex-dividend date is Wednesday, May 10th. This represents a $0.46 dividend on an annualized basis and a yield of 2.31%. Magnolia Oil & Gas’s dividend payout ratio is presently 10.67%.
Hedge Funds Weigh In On Magnolia Oil & Gas
A number of large investors have recently modified their holdings of MGY. Tucker Asset Management LLC bought a new position in shares of Magnolia Oil & Gas in the first quarter valued at approximately $27,000. CI Investments Inc. bought a new position in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $31,000. CWM LLC boosted its position in shares of Magnolia Oil & Gas by 60.6% in the third quarter. CWM LLC now owns 1,635 shares of the company’s stock valued at $32,000 after acquiring an additional 617 shares during the period. Parallel Advisors LLC boosted its position in shares of Magnolia Oil & Gas by 246.3% in the first quarter. Parallel Advisors LLC now owns 2,493 shares of the company’s stock valued at $55,000 after acquiring an additional 1,773 shares during the period. Finally, Trifecta Capital Advisors LLC bought a new position in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $71,000. 98.60% of the stock is currently owned by institutional investors.
Magnolia Oil & Gas Company Profile
Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.
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