Bank of America Corp DE lessened its stake in shares of Mach Natural Resources LP (NYSE:MNR - Free Report) by 33.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 579,532 shares of the company's stock after selling 292,592 shares during the period. Bank of America Corp DE owned about 0.56% of Mach Natural Resources worth $9,956,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of MNR. Sei Investments Co. lifted its position in Mach Natural Resources by 8.4% during the fourth quarter. Sei Investments Co. now owns 271,608 shares of the company's stock valued at $4,666,000 after purchasing an additional 21,101 shares during the last quarter. Zuckerman Investment Group LLC raised its stake in Mach Natural Resources by 34.6% during the fourth quarter. Zuckerman Investment Group LLC now owns 105,000 shares of the company's stock valued at $1,843,000 after buying an additional 27,000 shares during the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of Mach Natural Resources by 7.7% during the fourth quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company's stock valued at $4,145,000 after purchasing an additional 17,215 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Mach Natural Resources in the 4th quarter worth about $5,128,000. Finally, Strategic Financial Concepts LLC increased its position in shares of Mach Natural Resources by 1,618.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company's stock valued at $3,354,000 after purchasing an additional 183,870 shares during the last quarter. Hedge funds and other institutional investors own 78.36% of the company's stock.
Wall Street Analyst Weigh In
MNR has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price objective on Mach Natural Resources from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Raymond James reiterated a "strong-buy" rating and issued a $25.00 target price (up previously from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th.
Read Our Latest Analysis on MNR
Mach Natural Resources Stock Performance
Shares of MNR traded up $0.09 during trading hours on Wednesday, hitting $13.59. 123,190 shares of the stock were exchanged, compared to its average volume of 226,626. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.24. Mach Natural Resources LP has a 12-month low of $12.40 and a 12-month high of $20.94. The firm has a market capitalization of $1.61 billion, a P/E ratio of 8.48 and a beta of -0.28. The stock has a 50-day moving average price of $14.00.
Mach Natural Resources (NYSE:MNR - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.01). The company had revenue of $227.00 million during the quarter, compared to analysts' expectations of $259.09 million. Mach Natural Resources had a net margin of 25.17% and a return on equity of 23.58%. On average, research analysts expect that Mach Natural Resources LP will post 1.95 earnings per share for the current year.
Mach Natural Resources Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.79 per share. The ex-dividend date is Thursday, May 22nd. This is a boost from Mach Natural Resources's previous quarterly dividend of $0.50. This represents a $3.16 dividend on an annualized basis and a dividend yield of 23.26%. Mach Natural Resources's dividend payout ratio is currently 197.50%.
Mach Natural Resources Company Profile
(
Free Report)
Mach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. It also owns a portfolio of midstream assets, as well as owns plants and water infrastructure.
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