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

Magnolia Oil & Gas (NYSE:MGY) released its earnings results on Wednesday. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03, Zacks reports. Magnolia Oil & Gas had a return on equity of 16.67% and a net margin of 24.79%.During the same quarter in the previous year, the firm earned $0.54 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year.

Magnolia Oil & Gas Stock Performance

Shares of NYSE MGY traded down $2.09 during midday trading on Wednesday, reaching $28.77. The company’s stock had a trading volume of 3,457,246 shares, compared to its average volume of 2,148,216. Magnolia Oil & Gas has a 12-month low of $20.45 and a 12-month high of $32.76. The firm has a 50 day moving average price of $29.64 and a 200-day moving average price of $25.59. The stock has a market capitalization of $5.36 billion, a P/E ratio of 16.73, a PEG ratio of 1.92 and a beta of 0.75. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 1.54.

Magnolia Oil & Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, May 12th. Magnolia Oil & Gas’s payout ratio is presently 38.37%.

Analyst Ratings Changes

Several equities research analysts have weighed in on MGY shares. Citigroup cut their target price on Magnolia Oil & Gas from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. Bank of America upgraded Magnolia Oil & Gas from a “neutral” rating to a “buy” rating and increased their price target for the company from $26.00 to $28.00 in a research note on Friday, January 16th. Weiss Ratings raised Magnolia Oil & Gas from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. UBS Group increased their price target on Magnolia Oil & Gas from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, Susquehanna reduced their target price on Magnolia Oil & Gas from $30.00 to $28.00 and set a “positive” rating for the company in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.08.

Insider Transactions at Magnolia Oil & Gas

In other news, EVP Timothy D. Yang sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.29, for a total value of $4,393,500.00. Following the transaction, the executive vice president owned 526,661 shares in the company, valued at $15,425,900.69. The trade was a 22.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian Corales sold 33,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $29.12, for a total value of $960,960.00. Following the completion of the transaction, the chief financial officer owned 184,178 shares in the company, valued at $5,363,263.36. The trade was a 15.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 338,954 shares of company stock worth $9,911,733. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnolia Oil & Gas

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in Magnolia Oil & Gas by 165.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the company’s stock worth $31,000 after purchasing an additional 864 shares during the period. Parallel Advisors LLC raised its position in shares of Magnolia Oil & Gas by 79.8% in the fourth quarter. Parallel Advisors LLC now owns 1,769 shares of the company’s stock valued at $39,000 after purchasing an additional 785 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Magnolia Oil & Gas by 90.5% in the second quarter. Geneos Wealth Management Inc. now owns 2,212 shares of the company’s stock valued at $50,000 after purchasing an additional 1,051 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $92,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Magnolia Oil & Gas in the fourth quarter valued at approximately $99,000. Institutional investors own 94.73% of the company’s stock.

Magnolia Oil & Gas Company Profile

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).