Magnolia Oil & Gas Corp (NYSE: MGY) Stock Forecast 2024: $39 Per Share With Bullish Signs

In the last trading session, 4.98 million shares of the Magnolia Oil & Gas Corp (NYSE:MGY) were traded, and its beta was 2.05. Most recently the company’s share price was $26.19, and it changed around $0.24 or 0.92% from the last close, which brings the market valuation of the company to $5.35B. MGY currently trades at a discount to its 52-week high of $25.95, offering almost 0.92% off that amount. The share price’s 52-week low was $18.72, which indicates that the current value has risen by an impressive 28.52% since then. We note from Magnolia Oil & Gas Corp’s average daily trading volume that its 10-day average is 6.47 million shares, with the 3-month average coming to 3.42 million.

Magnolia Oil & Gas Corp stock received a consensus recommendation rating of Buy, based on a mean score of 2.12. If we narrow it down even further, the data shows that 0 out of 3 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended MGY as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. Magnolia Oil & Gas Corp is expected to report earnings per share of $0.47 for the current quarter.

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Magnolia Oil & Gas Corp (NYSE:MGY) trade information

Instantly MGY has showed a green trend with a performance of 0.92% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 23.02% year-to-date, but still up 5.73% over the last five days. On the other hand, Magnolia Oil & Gas Corp (NYSE:MGY) is 15.48% up in the 30-day period. We can see from the shorts that 28.7 million shares have been sold at a short interest cover period of 5.44 day(s).

The consensus price target as assigned by Wall Street analysts is $26.79, which translates to bulls needing to increase their stock price by 2.24% from its current value. Analyst projections state that MGY is forecast to be at a low of $14 and a high of $39.

Magnolia Oil & Gas Corp (MGY) estimates and forecasts

Magnolia Oil & Gas Corp share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 12.89 percent over the past six months and at a -1.96% annual growth rate that is well above the industry average of -3.80%. The year-over-year growth rate is expected to be 6.50%, up from the previous year.

Consensus estimates provided by 14 financial analysts predict the company will bring in an average of $305.52 million in revenue for the current quarter. 14 analysts expect Magnolia Oil & Gas Corp to make $323.46 million in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will drop, forecast at -6.50%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 14.59%. Magnolia Oil & Gas Corp earnings are expected to increase by 2.26% in 2024, but the outlook is negative -9.83% per year for the next five years.

MGY Dividends

Magnolia Oil & Gas Corp’s next quarterly earnings report is expected to be released around May 01 and May 06. The annual dividend yield of the stock is 1.81 percent and its annual dividend per share was 0.47. It is important to note, however, that the 1.81% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.