Q2 2023 EPS Estimates for Magnolia Oil & Gas Co. Cut by Analyst (NYSE:MGY)

Posted by Defense World Staff on Jun 26th, 2023

Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Research analysts at Zacks Research cut their Q2 2023 earnings estimates for Magnolia Oil & Gas in a note issued to investors on Friday, June 23rd. Zacks Research analyst T. Saha now forecasts that the company will post earnings of $0.49 per share for the quarter, down from their prior estimate of $0.51. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.30 per share. Zacks Research also issued estimates for Magnolia Oil & Gas’ Q3 2023 earnings at $0.56 EPS, Q4 2023 earnings at $0.60 EPS, FY2023 earnings at $2.22 EPS, Q1 2024 earnings at $0.53 EPS, Q2 2024 earnings at $0.54 EPS, Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.53 EPS, FY2024 earnings at $2.21 EPS, Q1 2025 earnings at $0.56 EPS and FY2025 earnings at $2.60 EPS.

Magnolia Oil & Gas (NYSE:MGY – Get Rating) last announced its earnings results on Wednesday, May 3rd. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. Magnolia Oil & Gas had a net margin of 50.72% and a return on equity of 48.98%. The company had revenue of $308.38 million during the quarter, compared to the consensus estimate of $322.86 million.

Several other brokerages have also recently commented on MGY. Piper Sandler lowered their price target on shares of Magnolia Oil & Gas from $33.00 to $29.00 in a research report on Tuesday, June 13th. Truist Financial lowered their price target on shares of Magnolia Oil & Gas from $36.00 to $33.00 in a research report on Friday, May 5th. Citigroup lowered their price target on shares of Magnolia Oil & Gas from $25.00 to $22.00 in a research report on Sunday, May 21st. SpectralCast reiterated a “maintains” rating on shares of Magnolia Oil & Gas in a research report on Monday, May 22nd. Finally, Mizuho lowered their price target on shares of Magnolia Oil & Gas from $29.00 to $28.00 in a research report on Friday, May 19th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.38.

Magnolia Oil & Gas Stock Down 0.5 %

Shares of NYSE:MGY opened at $19.66 on Monday. Magnolia Oil & Gas has a one year low of $18.01 and a one year high of $27.57. The company has a 50 day moving average of $20.30 and a 200-day moving average of $21.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.64 and a quick ratio of 2.64. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 4.56 and a beta of 2.15.

Magnolia Oil & Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Thursday, May 11th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, May 10th. Magnolia Oil & Gas’s dividend payout ratio (DPR) is presently 10.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MGY. Tucker Asset Management LLC bought a new position in Magnolia Oil & Gas in the first quarter valued at approximately $27,000. CI Investments Inc. acquired a new position in Magnolia Oil & Gas during the fourth quarter worth $31,000. Parallel Advisors LLC lifted its stake in 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 last quarter. Trifecta Capital Advisors LLC acquired a new stake in Magnolia Oil & Gas in the fourth quarter valued at $71,000. Finally, Quadrant Capital Group LLC grew its position in shares of Magnolia Oil & Gas by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 3,539 shares of the company’s stock valued at $83,000 after acquiring an additional 448 shares during the period. 94.12% of the stock is currently owned by institutional investors.

Magnolia Oil & Gas Company Profile

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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 area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.

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

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