2020 will look a lot like 2019 - underspend, low leverage, premium barrels, no hedge.
The company is putting excess cash towards the balance sheet, share repurchase, opportunistic leasing, and/or a special dividend.
No change to our estimates, we see consensus as too low, and are adjusting numbers slightly to reflect a fourth quarter B shares purchase.
We see the name as inexpensive at this time.
This is a Z4 Research pre call update. More commentary on MGY can be found in previous Seeking Alpha posts, including this post 3Q19 note..
We touched base with the company yesterday. Some key