Magnolia Oil & Gas (NYSE:MGY) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Magnolia Oil & Gas (NYSE:MGY) announced its quarterly earnings results on Tuesday. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03, Zacks reports. Magnolia Oil & Gas had a net margin of 28.88% and a return on equity of 20.78%.

Magnolia Oil & Gas Price Performance

Shares of Magnolia Oil & Gas stock traded up $0.42 during trading on Tuesday, hitting $23.92. 3,350,403 shares of the stock traded hands, compared to its average volume of 1,868,193. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 2.85 and a beta of 1.98. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.20. Magnolia Oil & Gas has a 52 week low of $21.07 and a 52 week high of $29.02. The firm’s fifty day moving average is $24.34 and its 200-day moving average is $25.23.

Magnolia Oil & Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a $0.15 dividend. This is a boost from Magnolia Oil & Gas’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, February 14th. Magnolia Oil & Gas’s dividend payout ratio is presently 25.74%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MGY. The Goldman Sachs Group lowered Magnolia Oil & Gas from a “buy” rating to a “neutral” rating and cut their price target for the stock from $27.00 to $26.00 in a report on Friday, January 31st. Johnson Rice downgraded Magnolia Oil & Gas from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Piper Sandler upped their price target on Magnolia Oil & Gas from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Truist Financial raised their price objective on shares of Magnolia Oil & Gas from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Bank of America reaffirmed a “neutral” rating and set a $28.00 target price (down previously from $29.00) on shares of Magnolia Oil & Gas in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $27.58.

About Magnolia Oil & Gas

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.