Magnolia (MGY) Declines 8.5% Despite Beating on Q3 Earnings | investing.com – Investing.com

Magnolia (MGY) Declines 8.5% Despite Beating on Q3 Earnings | investing.com – Investing.com

Shares of Magnolia Oil & Gas Corporation MGY have dropped 8.5% since the third-quarter 2021 earnings announcement on Nov 1.

The stock declined despite impressive bottom-line and top-line performances as well as an upbeat fourth-quarter production guidance, which indicates growth from the sequential quarter’s reported figure. This downtrend could be attributed to MGY’s higher capital program expenses and weaker-than-anticipated oil production.

Magnolia reported third-quarter adjusted net income per share of 67 cents, beating the Zacks Consensus Estimate of 60 cents and the year-ago quarter’s bottom line of 6 cents.