Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Stock analysts at KeyCorp reduced their Q3 2023 earnings estimates for Magnolia Oil & Gas in a research report issued on Thursday, February 16th. KeyCorp analyst T. Rezvan now forecasts that the company will post earnings of $0.78 per share for the quarter, down from their prior forecast of $0.79. KeyCorp has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Magnolia Oil & Gas’ current full-year earnings is $2.96 per share. KeyCorp also issued estimates for Magnolia Oil & Gas’ Q4 2023 earnings at $0.82 EPS and Q1 2024 earnings at $0.89 EPS.
A number of other research analysts also recently issued reports on the stock. Piper Sandler decreased their target price on shares of Magnolia Oil & Gas from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Wednesday, January 11th. Roth Capital reiterated a “buy” rating on shares of Magnolia Oil & Gas in a research report on Tuesday, February 14th. Credit Suisse Group upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. TheStreet downgraded shares of Magnolia Oil & Gas from a “b-” rating to a “c+” rating in a research report on Wednesday, December 7th. Finally, Mizuho started coverage on shares of Magnolia Oil & Gas in a research report on Monday, January 9th. They issued a “buy” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.00.
Magnolia Oil & Gas Trading Down 4.6 %
NYSE MGY opened at $21.23 on Monday. The company has a market capitalization of $4.59 billion, a PE ratio of 4.51 and a beta of 2.12. The company has a fifty day moving average of $23.06 and a 200 day moving average of $23.52. Magnolia Oil & Gas has a 1 year low of $18.01 and a 1 year high of $30.31. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.50 and a quick ratio of 2.50.
Institutional Trading of Magnolia Oil & Gas
Several large investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co NY grew its stake in Magnolia Oil & Gas by 7.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 10,772 shares of the company’s stock valued at $253,000 after acquiring an additional 710 shares in the last quarter. State of Tennessee Treasury Department grew its stake in Magnolia Oil & Gas by 124.5% during the 4th quarter. State of Tennessee Treasury Department now owns 18,776 shares of the company’s stock valued at $440,000 after acquiring an additional 10,411 shares in the last quarter. DRW Securities LLC purchased a new stake in Magnolia Oil & Gas during the 4th quarter valued at about $704,000. Lazard Asset Management LLC grew its stake in Magnolia Oil & Gas by 3.7% during the 4th quarter. Lazard Asset Management LLC now owns 367,234 shares of the company’s stock valued at $8,611,000 after acquiring an additional 13,123 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in Magnolia Oil & Gas by 0.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,720,703 shares of the company’s stock valued at $368,651,000 after acquiring an additional 55,508 shares in the last quarter. Hedge funds and other institutional investors own 98.60% of the company’s stock.
Magnolia Oil & Gas Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Friday, February 10th will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Thursday, February 9th. This is an increase from Magnolia Oil & Gas’s previous quarterly dividend of $0.10. Magnolia Oil & Gas’s dividend payout ratio is 9.77%.
Magnolia Oil & Gas Company Profile
Magnolia Oil & Gas Corp. engages in oil and gas exploration and production business. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on July 31, 2018 and is headquartered in Houston, TX.
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