Mach Natural Resources LP (NYSE:MNR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its stake in shares of Mach Natural Resources LP (NYSE:MNR - Free Report) by 33.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 approximately 0.56% of Mach Natural Resources worth $9,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Signaturefd LLC acquired a new position in shares of Mach Natural Resources in the fourth quarter valued at approximately $26,000. Hollencrest Capital Management purchased a new stake in shares of Mach Natural Resources in the fourth quarter valued at about $34,000. Parkside Financial Bank & Trust acquired a new position in shares of Mach Natural Resources during the fourth quarter worth about $43,000. Avior Wealth Management LLC raised its holdings in Mach Natural Resources by 33.3% during the fourth quarter. Avior Wealth Management LLC now owns 12,000 shares of the company's stock worth $206,000 after purchasing an additional 3,000 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in Mach Natural Resources by 11.5% during the fourth quarter. XTX Topco Ltd now owns 13,003 shares of the company's stock worth $223,000 after purchasing an additional 1,341 shares in the last quarter. 78.36% of the stock is owned by hedge funds and other institutional investors.

Mach Natural Resources Stock Down 0.4%

Shares of Mach Natural Resources stock traded down $0.06 during trading on Thursday, hitting $13.52. 31,000 shares of the company were exchanged, compared to its average volume of 297,108. Mach Natural Resources LP has a fifty-two week low of $12.40 and a fifty-two week high of $20.94. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.24 and a quick ratio of 1.16. The stock has a 50 day moving average of $13.96. The stock has a market cap of $1.60 billion, a PE ratio of 8.45 and a beta of -0.28.

Mach Natural Resources (NYSE:MNR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.69 by ($0.01). Mach Natural Resources had a return on equity of 23.58% and a net margin of 25.17%. The company had revenue of $227.00 million during the quarter, compared to analyst estimates of $259.09 million. Analysts predict that Mach Natural Resources LP will post 1.95 earnings per share for the current year.

Mach Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 23.37%. The ex-dividend date of this dividend is Thursday, May 22nd. This is a positive change from Mach Natural Resources's previous quarterly dividend of $0.50. Mach Natural Resources's payout ratio is currently 197.50%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MNR shares. Stifel Nicolaus boosted their target price on Mach Natural Resources from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Raymond James restated a "strong-buy" rating and issued a $25.00 price target (up from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th.

Mach Natural Resources Company Profile

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.