Magnolia Oil & Gas Corp (MGY) Beats Q3 Earnings and Revenue Estimates

Core Viewpoint - Magnolia Oil & Gas Corp reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of$0.48 per share, but down from $0.54 per share a year ago, indicating an earnings surprise of 8.33$333.14 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.51% and showing an increase from 315.68 million year-over-year [2] - Over the last four quarters, Magnolia Oil & Gas has exceeded consensus EPS estimates three times and topped revenue estimates twice [2] Stock Performance - Since the beginning of the year, Magnolia Oil & Gas shares have increased by approximately 18.8%, while the S&P 500 has gained 22.3% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is 0.49, with projected revenues of $336.55 million, and for the current fiscal year, the EPS estimate is$1.99 on revenues of $1.32 billion [7] - The outlook for the oil and gas industry, particularly the Zacks Oil and Gas - Exploration and Production - United States sector, is currently in the bottom 8% of over 250 Zacks industries, which may impact stock performance [8]