Oil and gas producer Magnolia Oil & Gas (NYSE: MGY) will be announcing earnings results this Wednesday after market close. Here’s what to look for.
Magnolia Oil & Gas beat analysts’ revenue expectations last quarter, reporting revenues of $358.5 million, up 2.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates.
Is Magnolia Oil & Gas a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Magnolia Oil & Gas’s revenue to grow 40.8% year on year, a reversal from the 5.3% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Magnolia Oil & Gas rarely misses Wall Street’s revenue estimates.
Looking at Magnolia Oil & Gas’s peers in the mixed or offshore upstream e&p segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Black Stone Minerals’s revenues decreased 6.6% year on year, beating analysts’ expectations by 40.9%, and Vitesse Energy reported revenues up 11.3%, topping estimates by 8.2%.
Read our full analysis of Black Stone Minerals’s results here and Vitesse Energy’s results here.
There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 6% on average over the last month. Magnolia Oil & Gas’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $33 (compared to the current share price of $24.91).
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