Shares of Magnolia Oil & Gas Company MGY procure dropped 8.5% for the reason that third-quarter 2021 earnings announcement on Nov 1.
The stock declined despite impressive bottom-line and prime-line performances to boot to an upbeat fourth-quarter manufacturing guidance, which signifies development from the sequential quarter’s reported resolve. This downtrend will be attributed to MGY’s better capital program expenses and weaker-than-anticipated oil manufacturing.
Magnolia reported third-quarter adjusted catch earnings per share of 67 cents, beating the Zacks Consensus Estimate of 60 cents and the one year-within the past quarter’s base line of 6 cents.
This outperformance will be primarily attributed to better-than-anticipated manufacturing volumes. South Texas-focused MGY’s average day-to-day total output of 67,385 barrels of oil same per day (boe/d) surpassed the Zacks Consensus Estimate of 66,418boe/d.
Total revenues came in at $283.58 million, before the Zacks Consensus Estimate of $277 million. Moreover, the head line rose 134.2% from the one year-within the past stage of $121.07 million.
Manufacturing & Costs
Magnolia’s oil and gas manufacturing reported a one year-over-one year lengthen of 24.1% to 67,385boe/d (comprising 69.3% liquids). Oil volumes at 30,989 barrels per day had been up14.7% from the stage executed in third-quarter 2020. Alternatively, the same passed over the Zacks Consensus Estimate of 31,678 barrels per day.
The frequent realized vulgar oil tag at some stage within the third quarter became once $68.44 per barrel, reflecting a 77.8% rise from the one year-within the past length’s realization of $38.5. The frequent realized pure gas liquids tag became once $31.6 per barrel, up 182.1% from the one year-within the past length’s tally whereas pure gas costs elevated 137.3% one year over one year to $3.75 per thousand cubic feet. Total, MGY fetched $45.74 per boe when compared with $24.23 a one year within the past.
Stability Sheet & Capital Expenditure
As of Sep 30, Magnolia had $245.02 million of money and money equivalents. The oil explorer’s long-time length debt of $387.5 million represented a debt-to-capitalization of 30%. In the reported quarter, MGY spent $67.2 million on its capital program.
Magnolia plans to expend round $80 million on drilling and completion actions within the fourth quarter of this one year.
Total output within the fourth quarter of 2021 is anticipated within the 68,000-70,000 boe/d vary.
Zacks Rank & Assorted Key Picks
Magnolia currently sports actions a Zacks Rank #1 (Sturdy Defend). Assorted prime-ranked gamers within the energy place consist of EOG Resources EOG, Diamondback Vitality FANG and ConocoPhillips COP, every within the intervening time flaunting a Zacks Rank of 1. It’s likely you’ll presumably well perchance behold your complete checklist of this day’s Zacks #1 Rank shares right here.
EOG Resources reported third-quarter 2021 adjusted earnings per share of $2.16, beating the Zacks Consensus Estimate of $2.01. Sturdy earnings had been driven by elevated manufacturing volumes and a closer realization of commodity costs.
EOG announced a quarterly dividend of 75 cents per share, indicating an 82% lengthen from the earlier stage. The dividend will be paid out on Jan 28, 2022, to its shareholders of file as of Jan 14, 2022. EOG Resources moreover declared a special dividend of $2 per share. Moreover, the board of administrators updated its share repurchase authorization to $5 billion.
Diamondback Vitality reported third-quarter 2021 adjusted earnings of $2.94 per share, which surpassed the Zacks Consensus Estimate of $2.81 and the one year-within the past quarter’s earnings of 62 cents. FANG’s base line became once aided by better-than-anticipated manufacturing.
The board of administrators declared a dividend of 50 cents per share for the third quarter, representing an 11.1% hike in its quarterly payout from the earlier studying of 45 cents. The amount will be paid out on Nov 18, 2021, to its shareholders of file as of Nov 11. FANG moreover generated a free money float of $740 million within the third quarter.
ConocoPhillips reported third-quarter 2021 adjusted earnings per share of $1.77, comfortably beating the Zacks Consensus Estimate of $1.53. This outperformance is led by elevated manufacturing volumes owing to the Concho acquisition and the rising realized commodity costs.
Basically based mostly in Houston, TX, this one of many world’s largest neutral oil and gas producers’ capital expenditures and investments totaled $1.3 billion, and dividend payments grossed $579 million. ConocoPhillips’ catch money equipped by operating actions became once recorded at $4.8 billion, up from the one year-within the past resolve of $868 million. COP generated a free money float of $2.8 billion within the third quarter.
Zacks’ Top Picks to Profit on Artificial Intelligence
This world-changing skills is projected to generate $100s of billions by 2025. From self-driving autos to client data prognosis, of us are relying on machines bigger than we ever procure before. Now could presumably well perchance be the time to capitalize on the 4th Industrial Revolution. Zacks’ pressing special document displays 6 AI picks traders must know about this day.
Favor the most up-to-date solutions from Zacks Funding Study? Right this moment, that you just can gain 7 Most efficient Shares for the Next 30 Days. Click to get this free document
ConocoPhillips (COP): Free Stock Prognosis Fable
EOG Resources, Inc. (EOG): Free Stock Prognosis Fable
Diamondback Vitality, Inc. (FANG): Free Stock Prognosis Fable
Magnolia Oil & Gas Corp (MGY): Free Stock Prognosis Fable
To be taught this text on Zacks.com click right here.
Zacks Funding Study