Magnolia Oil & Gas Corp (MGY) Reports Q2 Earnings: What Key Metrics Have to Say
Magnolia Oil & Gas Corp (MGY) reported $280.29 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 42.2%. EPS of $0.44 for the same period compares to $1.10 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $291.74 million, representing a surprise of -3.93%. The company delivered an EPS surprise of +2.33%, with the consensus EPS estimate being $0.43.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Magnolia Oil & Gas Corp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Production: 81881 BOE/D versus 80134.63 BOE/D estimated by six analysts on average.
Average Daily Net Production - Natural gas liquids: 22571 BBL/D versus the six-analyst average estimate of 21021.72 BBL/D.
Average Daily Net Production - Oil: 34065 BBL/D versus the six-analyst average estimate of 34876 BBL/D.
Average Daily Net Production - Natural Gas: 151469 Mcf/D versus 145238.1 Mcf/D estimated by six analysts on average.
Average sales prices - Natural gas liquids: $17.67 compared to the $19.32 average estimate based on five analysts.
Average sales prices - Natural gas: $1.51 compared to the $1.71 average estimate based on five analysts.
Average sales prices - Oil: $71.98 versus the five-analyst average estimate of $73.19.
Revenue- Natural gas: $20.85 million versus the four-analyst average estimate of $22.75 million. The reported number represents a year-over-year change of -75.6%.
Revenue- Natural gas liquids: $36.30 million compared to the $42.01 million average estimate based on three analysts. The reported number represents a change of -45.4% year over year.
Revenue- Oil: $223.15 million versus the three-analyst average estimate of $234.66 million. The reported number represents a year-over-year change of -33%.
View all Key Company Metrics for Magnolia Oil & Gas Corp here>>>
Shares of Magnolia Oil & Gas Corp have returned +6.4% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Magnolia Oil & Gas Corp (MGY) : Free Stock Analysis Report
