Magnolia Oil & Gas Co. to Post Q3 2022 Earnings of $1.20 Per Share, KeyCorp Forecasts (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGYGet Rating) – Equities research analysts at KeyCorp issued their Q3 2022 earnings per share (EPS) estimates for Magnolia Oil & Gas in a report released on Monday, September 19th. KeyCorp analyst T. Rezvan forecasts that the company will post earnings of $1.20 per share for the quarter. KeyCorp has a “Overweight” rating and a $28.00 price objective on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $4.78 per share. KeyCorp also issued estimates for Magnolia Oil & Gas’ Q4 2022 earnings at $1.21 EPS, FY2022 earnings at $4.63 EPS, Q1 2023 earnings at $1.17 EPS, Q2 2023 earnings at $1.01 EPS, Q3 2023 earnings at $0.98 EPS, Q4 2023 earnings at $1.02 EPS and FY2023 earnings at $4.17 EPS.

Magnolia Oil & Gas (NYSE:MGYGet Rating) last posted its earnings results on Tuesday, August 2nd. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.08). Magnolia Oil & Gas had a net margin of 46.42% and a return on equity of 63.23%. The firm had revenue of $484.65 million during the quarter, compared to analyst estimates of $459.13 million.

MGY has been the topic of several other research reports. Truist Financial upped their target price on Magnolia Oil & Gas from $35.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Wells Fargo & Company upped their target price on Magnolia Oil & Gas from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, July 11th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $26.00 target price on shares of Magnolia Oil & Gas in a research report on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnolia Oil & Gas presently has an average rating of “Moderate Buy” and a consensus target price of $28.56.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $21.10 on Thursday. Magnolia Oil & Gas has a 12 month low of $16.02 and a 12 month high of $30.31. The stock’s 50 day moving average is $22.93 and its 200-day moving average is $23.75. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 5.69 and a beta of 2.10.

Magnolia Oil & Gas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Thursday, August 11th. Magnolia Oil & Gas’s payout ratio is presently 5.39%.

Institutional Investors Weigh In On Magnolia Oil & Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGY. Advisor Group Holdings Inc. lifted its stake in Magnolia Oil & Gas by 151.2% during the fourth quarter. Advisor Group Holdings Inc. now owns 7,560 shares of the company’s stock worth $143,000 after purchasing an additional 4,550 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Magnolia Oil & Gas by 79.0% during the fourth quarter. Citigroup Inc. now owns 177,073 shares of the company’s stock worth $3,341,000 after buying an additional 78,137 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Magnolia Oil & Gas by 10.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,293,136 shares of the company’s stock worth $24,402,000 after buying an additional 123,261 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Magnolia Oil & Gas by 1.8% during the fourth quarter. Rhumbline Advisers now owns 159,423 shares of the company’s stock worth $3,008,000 after buying an additional 2,745 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of Magnolia Oil & Gas by 51.2% during the fourth quarter. Allianz Asset Management GmbH now owns 210,030 shares of the company’s stock worth $3,963,000 after buying an additional 71,142 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

About Magnolia Oil & Gas

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

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

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