Q2 2022 Earnings Estimate for Magnolia Oil & Gas Co. Issued By Seaport Res Ptn (NYSE:MGY)

Magnolia Oil & Gas Co. (NYSE:MGY – Get Rating) – Research analysts at Seaport Res Ptn cut their Q2 2022 earnings per share (EPS) estimates for shares of Magnolia Oil & Gas in a research report issued to clients and investors on Monday, May 9th. Seaport Res Ptn analyst N. Pope now forecasts that the company will post earnings of $0.95 per share for the quarter, down from their prior estimate of $1.15. Seaport Res Ptn also issued estimates for Magnolia Oil & Gas’ Q3 2022 earnings at $0.98 EPS, Q4 2022 earnings at $0.94 EPS and FY2022 earnings at $3.79 EPS.

Magnolia Oil & Gas (NYSE:MGY – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.03). The business had revenue of $377.84 million during the quarter, compared to the consensus estimate of $374.63 million. Magnolia Oil & Gas had a net margin of 41.80% and a return on equity of 57.17%. The firm’s revenue was up 80.7% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS.

A number of other research analysts have also recently commented on MGY. KeyCorp raised their price target on Magnolia Oil & Gas from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, April 14th. Susquehanna Bancshares raised their price target 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. Piper Sandler raised their price target on Magnolia Oil & Gas from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, April 7th. Zacks Investment Research upgraded Magnolia Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a research report on Tuesday, April 12th. Finally, Truist Financial raised their price objective on Magnolia Oil & Gas from $26.00 to $35.00 in a research note on Thursday, April 21st. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.23.

MGY stock opened at $23.73 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 8.27 and a beta of 2.12. The business’s fifty day moving average price is $24.07 and its two-hundred day moving average price is $21.73. Magnolia Oil & Gas has a fifty-two week low of $11.59 and a fifty-two week high of $26.83.

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in shares of Magnolia Oil & Gas during the 1st quarter valued at $22,016,000. Verition Fund Management LLC purchased a new position in shares of Magnolia Oil & Gas during the 1st quarter valued at $206,000. Employees Retirement System of Texas lifted its position in shares of Magnolia Oil & Gas by 14.5% during the 1st quarter. Employees Retirement System of Texas now owns 182,000 shares of the company’s stock valued at $4,304,000 after buying an additional 23,000 shares during the last quarter. Wasatch Advisors Inc. lifted its position in shares of Magnolia Oil & Gas by 4.0% during the 1st quarter. Wasatch Advisors Inc. now owns 4,495,431 shares of the company’s stock valued at $106,317,000 after buying an additional 171,135 shares during the last quarter. Finally, Quantedge Capital Pte Ltd lifted its position in shares of Magnolia Oil & Gas by 157.7% during the 1st quarter. Quantedge Capital Pte Ltd now owns 371,100 shares of the company’s stock valued at $8,777,000 after buying an additional 227,100 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Ltd. Enervest sold 7,500,000 shares of Magnolia Oil & Gas stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $21.72, for a total transaction of $162,900,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.80% of the stock is owned by insiders.

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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