Magnolia Oil & Gas Co. (NYSE:MGY) Announces $0.13 Quarterly Dividend

Magnolia Oil & Gas Co. (NYSE:MGY) declared a quarterly dividend on Monday, October 28th, Zacks reports. Investors 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 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, November 8th.

Magnolia Oil & Gas has a payout ratio of 25.7% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 0.4 %

Shares of NYSE:MGY opened at $25.46 on Tuesday. Magnolia Oil & Gas has a 12 month low of $19.16 and a 12 month high of $27.63. The firm has a market cap of $5.16 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.33 and a beta of 1.99. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $25.27 and its two-hundred day moving average price is $25.39.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MGY. Truist Financial cut their target price on shares of Magnolia Oil & Gas from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Susquehanna lowered their price objective on shares of Magnolia Oil & Gas from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. reduced their target price on Magnolia Oil & Gas from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Mizuho lowered their price target on Magnolia Oil & Gas from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Benchmark reiterated a “hold” rating on shares of Magnolia Oil & Gas in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $27.50.

Insider Activity

In other Magnolia Oil & Gas news, Director Ltd. Enervest sold 7,000,000 shares of Magnolia Oil & Gas stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $25.86, for a total value of $181,020,000.00. Following the sale, the director now directly owns 2,099,403 shares in the company, valued at approximately $54,290,561.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

About Magnolia Oil & Gas

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.