Magnolia Oil & Gas Corp
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Energy : Oil, Gas & Consumable Fuels | Small Cap Blend
Company profile

Magnolia Oil & Gas Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (NGL) reserves. Its oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas, where the Company targets the Eagle Ford Shale and Austin Chalk formations. Its assets consist of a total leasehold position of 688,033 gross (482,015 net) acres, including 43,022 gross (23,259 net) acres in the Karnes area and 645,011 gross (458,756 net) acres in the Giddings area. The Karnes County Assets are located in Karnes, Gonzales, DeWitt, and Atascosa Counties, Texas, in the core of the Eagle Ford Shale. The acreage comprising the Karnes County Assets also includes the Austin Chalk formation overlying the Eagle Ford Shale. The Giddings Assets are located in Austin, Brazos, Burleson, Fayette, Lee, Grimes, Montgomery, and Washington Counties, Texas.

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Splunk stock spikes as strong forecast quiets concerns

7:56 am ET May 25, 2023 (MarketWatch)

By Jeremy C. Owens

Software company tops expectations with forecast, raises targets for full-year free cash flow and operating margin

Splunk Inc. shares jumped more than 7% in after-hours trading Wednesday, after the software company quieted concerns about the tech-spending environment with a strong forecast.

Splunk (SPLK)reported results for its fiscal first quarter, typically the slowest period of the year for sales of the data-crunching software. Wall Street's eyes were more focused on executives' forecast, after they offered disappointing annual guidance in March.

Executives on Wednesday guided for second-quarter revenue of $880 million to $895 million, and tweaked their annual forecast to increase targets for adjusted operating margin and free cash flow. Analysts on average were expecting second-quarter sales of $868 million, according to FactSet.

For the fiscal first quarter, Splunk reported a loss of $196.4 million, or $1.19 a share, on sales of $419.4 million, up from $674 million a year ago. After adjusting for stock compensation, restructuring costs and other effects, the company reported earnings of 18 cents a share, improving from an adjusted loss of 32 cents a share a year ago. Analysts on average expected and adjusted loss of 14 cents a share on sales of $723 million, according to FactSet.

"Splunk delivered another solid quarter and once again delivered durable growth with increasing profitability and free cash flow," Chief Executive Gary Steele said in a statement.

Splunk has undergone seismic changes in the past couple of years, changing both its chief executive and chief financial officer amid a growth slowdown, and laying off more than 300 workers earlier this year. The software company faces an uncertain environment for tech spending, especially for its banking customers, who have faced a crisis in 2023 that has trickled down to their preferred software providers such as Tenable Holdings Inc TENB.

"Macro remains a wild card, especially as it relates to any impact from the recent banking turmoil, as we think financial services is one of the larger verticals for the company, although Splunk likely has relatively more exposure to bigger banks as opposed to smaller regional banks," JP Morgan analysts warned in a preview of Splunk's earnings, while maintaining a neutral rating on the stock.

Splunk's stock has shown some volatility in the past year, but has gained overall. In the past 12 months, shares are up 9.7%, as the S&P 500 index has gained 5.2%.

-Jeremy C. Owens

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 25, 2023 07:56 ET (11:56 GMT)

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