Zacks: Analysts Anticipate Magnolia Oil & Gas Co. (NYSE:MGY) Will Post Quarterly Sales of $451.45 Million

Brokerages forecast that Magnolia Oil & Gas Co. (NYSE:MGYGet Rating) will report $451.45 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Magnolia Oil & Gas’ earnings. The lowest sales estimate is $403.00 million and the highest is $528.00 million. Magnolia Oil & Gas posted sales of $250.73 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 80.1%. The business is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Magnolia Oil & Gas will report full year sales of $1.75 billion for the current fiscal year, with estimates ranging from $1.58 billion to $2.00 billion. For the next financial year, analysts anticipate that the company will report sales of $1.66 billion, with estimates ranging from $1.45 billion to $2.04 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Magnolia Oil & Gas.

Magnolia Oil & Gas (NYSE:MGYGet Rating) last issued its earnings results on Monday, May 9th. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.03). The business had revenue of $377.84 million for the quarter, compared to analysts’ expectations of $374.63 million. Magnolia Oil & Gas had a return on equity of 55.08% and a net margin of 41.80%. The business’s quarterly revenue was up 80.7% on a year-over-year basis. During the same period last year, the company posted $0.38 earnings per share.

A number of brokerages have recently issued reports on MGY. Susquehanna Bancshares lifted their target price on Magnolia Oil & Gas from $24.00 to $29.00 and gave the stock a “positive” rating in a research report on Monday, April 25th. Truist Financial upped their price target on Magnolia Oil & Gas from $26.00 to $35.00 in a report on Thursday, April 21st. Wells Fargo & Company lifted their price objective on shares of Magnolia Oil & Gas from $23.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Monday, March 14th. Piper Sandler boosted their price target on shares of Magnolia Oil & Gas from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, April 7th. Finally, Susquehanna upped their price objective on shares of Magnolia Oil & Gas from $24.00 to $29.00 and gave the stock a “positive” rating in a report on Monday, April 25th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.23.

MGY stock opened at $29.19 on Friday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 10.17 and a beta of 2.11. The stock’s fifty day simple moving average is $25.33 and its 200-day simple moving average is $22.58. Magnolia Oil & Gas has a 52-week low of $12.79 and a 52-week high of $30.31.

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,500,000 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $27.01, for a total transaction of $202,575,000.00. Following the sale, the director now directly owns 10,912,450 shares of the company’s stock, valued at approximately $294,745,274.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new position in Magnolia Oil & Gas during the fourth quarter worth $95,271,000. Cardinal Capital Management LLC CT acquired a new position in Magnolia Oil & Gas during the fourth quarter worth $69,815,000. Janus Henderson Group PLC bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter worth $55,952,000. Victory Capital Management Inc. grew its stake in shares of Magnolia Oil & Gas by 314.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,664,781 shares of the company’s stock worth $62,943,000 after acquiring an additional 2,022,547 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Magnolia Oil & Gas by 185.1% during the fourth quarter. First Trust Advisors LP now owns 2,473,027 shares of the company’s stock valued at $46,666,000 after buying an additional 1,605,590 shares during the period. Institutional investors own 96.86% of the company’s stock.

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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