Magnolia Oil & Gas Corp (MGY) Expected to Post Quarterly Sales of $233.50 Million

Brokerages predict that Magnolia Oil & Gas Corp (NYSE:MGY) will report sales of $233.50 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Magnolia Oil & Gas’ earnings. The lowest sales estimate is $210.30 million and the highest is $253.00 million. The company is expected to issue its next quarterly earnings results on Monday, May 13th.

According to Zacks, analysts expect that Magnolia Oil & Gas will report full year sales of $987.54 million for the current fiscal year, with estimates ranging from $905.80 million to $1.03 billion. For the next financial year, analysts anticipate that the business will post sales of $1.11 billion, with estimates ranging from $1.05 billion to $1.18 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Magnolia Oil & Gas.

Magnolia Oil & Gas (NYSE:MGY) last announced its quarterly earnings data on Monday, February 25th. The company reported $0.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.07). The business had revenue of $255.06 million during the quarter, compared to analysts’ expectations of $267.36 million.

Several brokerages have weighed in on MGY. Credit Suisse Group began coverage on Magnolia Oil & Gas in a report on Monday. They issued an “outperform” rating and a $15.00 price objective for the company. Oppenheimer set a $15.00 price target on Magnolia Oil & Gas and gave the stock a “buy” rating in a report on Tuesday, February 26th. Northland Securities reissued a “buy” rating and set a $19.00 price target on shares of Magnolia Oil & Gas in a report on Tuesday, February 26th. Zacks Investment Research cut Magnolia Oil & Gas from a “hold” rating to a “strong sell” rating in a report on Thursday, February 7th. Finally, R. F. Lafferty began coverage on Magnolia Oil & Gas in a report on Thursday, January 17th. They set a “buy” rating and a $17.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $16.33.

In other news, Chairman Stephen I. Chazen bought 25,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $12.31 per share, with a total value of $307,750.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its position in shares of Magnolia Oil & Gas by 1.8% in the 4th quarter. FMR LLC now owns 20,476,000 shares of the company’s stock valued at $229,536,000 after buying an additional 356,100 shares during the last quarter. Vanguard Group Inc. bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at about $113,312,000. Vanguard Group Inc bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at about $113,312,000. Capital World Investors bought a new stake in shares of Magnolia Oil & Gas in the 3rd quarter valued at about $60,040,000. Finally, Victory Capital Management Inc. grew its position in shares of Magnolia Oil & Gas by 496.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,570,458 shares of the company’s stock valued at $40,025,000 after buying an additional 2,971,428 shares during the last quarter. 63.75% of the stock is owned by institutional investors and hedge funds.

NYSE MGY traded up $0.44 during midday trading on Monday, hitting $12.44. The company had a trading volume of 1,039,674 shares, compared to its average volume of 1,153,064. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.14. Magnolia Oil & Gas has a twelve month low of $9.88 and a twelve month high of $15.23.

Magnolia Oil & Gas Company Profile

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.

Featured Article: Recession

Get a free copy of the Zacks research report on Magnolia Oil & Gas (MGY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Magnolia Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnolia Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.