Magnolia Oil & Gas Co. (MGY) To Go Ex-Dividend on November 8th

Magnolia Oil & Gas Co. (NYSE:MGY) declared a quarterly dividend on Monday, October 28th, Zacks reports. Shareholders of record on Friday, November 8th will be given a dividend of 0.13 per share on Monday, December 2nd. This represents a $0.52 annualized dividend and a yield of 2.06%. The ex-dividend date is Friday, November 8th.

Magnolia Oil & Gas has a dividend payout ratio of 25.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Magnolia Oil & Gas to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 25.1%.

Magnolia Oil & Gas Price Performance

Magnolia Oil & Gas stock opened at $25.30 on Wednesday. The stock has a market cap of $5.13 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.33 and a beta of 1.99. The company has a fifty day simple moving average of $25.28 and a 200-day simple moving average of $25.38. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.21. Magnolia Oil & Gas has a 12-month low of $19.16 and a 12-month high of $27.63.

Magnolia Oil & Gas (NYSE:MGY) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. Magnolia Oil & Gas had a return on equity of 21.18% and a net margin of 29.44%. The business had revenue of $336.73 million during the quarter, compared to analysts’ expectations of $340.72 million. Equities analysts expect that Magnolia Oil & Gas will post 1.98 EPS for the current fiscal year.

Insider Transactions at Magnolia Oil & Gas

In other news, Director Ltd. Enervest sold 7,000,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $25.86, for a total transaction of $181,020,000.00. Following the transaction, the director now directly owns 2,099,403 shares in the company, valued at $54,290,561.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MGY shares. Wells Fargo & Company lowered shares of Magnolia Oil & Gas from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $26.00 to $22.00 in a research note on Tuesday, October 1st. Bank of America upped their price objective on shares of Magnolia Oil & Gas from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Piper Sandler cut their target price on Magnolia Oil & Gas from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. JPMorgan Chase & Co. decreased their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Finally, Wolfe Research began coverage on Magnolia Oil & Gas in a research report on Thursday, July 18th. They set an “outperform” rating and a $32.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Magnolia Oil & Gas presently has a consensus rating of “Hold” and a consensus price target of $27.50.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corporation, an independent oil and natural gas company, 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 area in South Texas principally comprising the Eagle Ford Shale and the Austin Chalk formation.