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Magnolia (MGY) Trims Q4 Output Target But Keeps 2023 Outlook
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Magnolia Oil and Gas Corporation (MGY - Free Report) recently reported preliminary fourth-quarter 2022 projected oil and gas production levels in the range of 73 to 74 thousand barrels of oil equivalent (Mboe) per day. At the midpoint of 73.5 Mboe, the output is down 5.8% from the energy explorer’s earlier guidance midpoint of Mboe per day.
The lower estimate, according to MGY, could be blamed on a single large pad that was brought online later than anticipated during Q4. However, it is currently functional and performing as expected. Another reason for the downward revision to production was freezing temperatures that affected both the Karnes and Giddings assets in late December, leading to some well shut-ins and work stoppages in both the regions.
Although these two factors had an influence on Magnolia's output in the Q4, it has since recovered, with the figure now reaching 80 Mboe per day.
The company has kept its production forecast for 2023, predicting a 10% increase in output over its 2022 levels.
Zacks Rank and Key Picks
Currently, Magnolia carries a Zacks Rank #5 (Strong Sell).
Magellan Midstream: Being a midstream energy player, MMP’s business model is less vulnerable to oil and gas price fluctuations. The company’s third-quarter 2022 results were boosted by contributions from its core fee-based transportation and terminals activities.
Magellan Midstream, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 9.7%, on average. In the past year, MMP stock has increased by 7.5%.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.8 billion. Its shares have gained 68.4% in the past year.
Liberty Energy: Liberty Energy is a leading North American onshore exploration and production firm, supplying hydraulic fracturing and other auxiliary services. The 2022 Zacks Consensus Estimate for LBRT indicates 300% year-over-year earnings per share growth.
Liberty Energy has a trailing four-quarter earnings surprise of roughly 58.5%, on average. In the past year, HP stock has increased by 22.6%.
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Magnolia (MGY) Trims Q4 Output Target But Keeps 2023 Outlook
Magnolia Oil and Gas Corporation (MGY - Free Report) recently reported preliminary fourth-quarter 2022 projected oil and gas production levels in the range of 73 to 74 thousand barrels of oil equivalent (Mboe) per day. At the midpoint of 73.5 Mboe, the output is down 5.8% from the energy explorer’s earlier guidance midpoint of Mboe per day.
The lower estimate, according to MGY, could be blamed on a single large pad that was brought online later than anticipated during Q4. However, it is currently functional and performing as expected. Another reason for the downward revision to production was freezing temperatures that affected both the Karnes and Giddings assets in late December, leading to some well shut-ins and work stoppages in both the regions.
Although these two factors had an influence on Magnolia's output in the Q4, it has since recovered, with the figure now reaching 80 Mboe per day.
The company has kept its production forecast for 2023, predicting a 10% increase in output over its 2022 levels.
Zacks Rank and Key Picks
Currently, Magnolia carries a Zacks Rank #5 (Strong Sell).
Some better-ranked players from the same space include Magellan Midstream Partners and Patterson-UTI Energy (PTEN - Free Report) — both sporting a Zacks Rank #1 (Strong Buy) — and Liberty Energy (LBRT - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Magellan Midstream: Being a midstream energy player, MMP’s business model is less vulnerable to oil and gas price fluctuations. The company’s third-quarter 2022 results were boosted by contributions from its core fee-based transportation and terminals activities.
Magellan Midstream, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 9.7%, on average. In the past year, MMP stock has increased by 7.5%.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.8 billion. Its shares have gained 68.4% in the past year.
Liberty Energy: Liberty Energy is a leading North American onshore exploration and production firm, supplying hydraulic fracturing and other auxiliary services. The 2022 Zacks Consensus Estimate for LBRT indicates 300% year-over-year earnings per share growth.
Liberty Energy has a trailing four-quarter earnings surprise of roughly 58.5%, on average. In the past year, HP stock has increased by 22.6%.