Bank of America Corp DE Cuts Stock Holdings in Mach Natural Resources LP (NYSE:MNR)

Bank of America Corp DE lowered its holdings in shares of Mach Natural Resources LP (NYSE:MNR - Free Report) by 33.5% in the 4th quarter, according to its most recent disclosure 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 the business. Raymond James Financial Inc. bought a new position in Mach Natural Resources during the 4th quarter worth $5,128,000. Strategic Financial Concepts LLC grew its position in shares of Mach Natural Resources by 1,618.0% in the 4th quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company's stock valued at $3,354,000 after buying an additional 183,870 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Mach Natural Resources in the fourth quarter valued at about $3,079,000. Stifel Financial Corp raised its position in shares of Mach Natural Resources by 23.6% during the fourth quarter. Stifel Financial Corp now owns 295,080 shares of the company's stock worth $5,069,000 after acquiring an additional 56,306 shares during the last quarter. Finally, Zuckerman Investment Group LLC raised its position in shares of Mach Natural Resources by 34.6% during the fourth quarter. Zuckerman Investment Group LLC now owns 105,000 shares of the company's stock worth $1,843,000 after acquiring an additional 27,000 shares during the last quarter. Institutional investors own 78.36% of the company's stock.

Mach Natural Resources Stock Performance

Shares of NYSE:MNR traded down $0.07 during midday trading on Thursday, reaching $13.51. The company's stock had a trading volume of 110,243 shares, compared to its average volume of 225,982. 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 quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $13.92. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 8.44 and a beta of -0.28.

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 for the quarter, missing analysts' consensus estimates of $0.69 by ($0.01). The business had revenue of $227.00 million during the quarter, compared to the consensus estimate of $259.09 million. Mach Natural Resources had a return on equity of 23.58% and a net margin of 25.17%. As a group, research analysts anticipate that Mach Natural Resources LP will post 1.95 earnings per share for the current year.

Mach Natural Resources Increases Dividend

The business also recently disclosed 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 of this dividend is Thursday, May 22nd. This represents a $3.16 annualized dividend and a dividend yield of 23.39%. This is a positive change from Mach Natural Resources's previous quarterly dividend of $0.50. Mach Natural Resources's dividend payout ratio is currently 197.50%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Stifel Nicolaus increased their target price on shares of Mach Natural Resources from $21.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James reaffirmed a "strong-buy" rating and issued a $25.00 price objective (up from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th.

About Mach Natural Resources

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.