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Q3 2019 Earnings Forecast for Magnolia Oil & Gas Corp (NYSE:MGY) Issued By Oppenheimer

By September 16, 2019 No Comments

Magnolia Oil & Gas Corp (NYSE:MGY) – Equities researchers at Oppenheimer cut their Q3 2019 earnings per share (EPS) estimates for Magnolia Oil & Gas in a report issued on Thursday, August 22nd, Zacks Investment Research reports. Oppenheimer analyst T. Rezvan now forecasts that the company will post earnings of $0.09 per share for the quarter, down from their prior forecast of $0.18.

MGY has been the subject of a number of other reports. Barclays began coverage on Magnolia Oil & Gas in a research note on Friday, August 30th. They issued an “overweight” rating and a $13.00 target price for the company. TheStreet upgraded Magnolia Oil & Gas from a “d” rating to a “c-” rating in a research report on Tuesday, August 6th. R. F. Lafferty set a $20.00 price objective on Magnolia Oil & Gas and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Zacks Investment Research upgraded Magnolia Oil & Gas from a “sell” rating to a “hold” rating in a research report on Saturday, September 7th. Finally, ValuEngine downgraded Magnolia Oil & Gas from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company. Magnolia Oil & Gas currently has a consensus rating of “Buy” and a consensus price target of $15.92.

MGY stock traded down $0.03 during midday trading on Friday, reaching $10.75. The company had a trading volume of 1,596,021 shares, compared to its average volume of 1,353,332. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50 day moving average price of $10.30 and a 200 day moving average price of $11.64. Magnolia Oil & Gas has a fifty-two week low of $9.27 and a fifty-two week high of $15.23.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). Magnolia Oil & Gas had a net margin of 12.13% and a return on equity of 5.12%. The firm had revenue of $242.96 million during the quarter, compared to the consensus estimate of $239.51 million.

In other news, Chairman Stephen I. Chazen bought 25,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $10.22 per share, for a total transaction of $255,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Magnolia Oil & Gas by 5.1% in the second quarter. Vanguard Group Inc. now owns 9,334,628 shares of the company’s stock valued at $108,095,000 after buying an additional 450,085 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Magnolia Oil & Gas by 301.3% in the second quarter. BlackRock Inc. now owns 6,880,797 shares of the company’s stock valued at $79,679,000 after buying an additional 5,166,376 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Magnolia Oil & Gas by 9.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 6,303,603 shares of the company’s stock valued at $72,996,000 after buying an additional 566,663 shares in the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Magnolia Oil & Gas by 27.5% in the second quarter. Silvercrest Asset Management Group LLC now owns 4,851,525 shares of the company’s stock valued at $56,180,000 after buying an additional 1,045,414 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Magnolia Oil & Gas by 1.2% in the second quarter. Victory Capital Management Inc. now owns 4,200,625 shares of the company’s stock valued at $48,643,000 after buying an additional 49,899 shares in the last quarter. Hedge funds and other institutional investors own 66.99% of the company’s stock.

About Magnolia Oil & Gas

Magnolia Oil & Gas Corporation engages in the business of acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the United States. The company has oil and natural gas properties located primarily in Karnes County and the Giddings Field in South Texas primarily comprising the Eagle Ford Shale and the Austin Chalk formation.

Further Reading: Limitations of the P/E Growth ratio

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

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