Shares of Mach Natural Resources LP (NYSE:MNR - Get Free Report) fell 4.3% during mid-day trading on Tuesday . The company traded as low as $13.33 and last traded at $13.38. 76,820 shares were traded during mid-day trading, a decline of 64% from the average session volume of 213,024 shares. The stock had previously closed at $13.98.
Wall Street Analyst Weigh In
MNR has been the topic of several research analyst reports. Truist Financial increased their price target on Mach Natural Resources from $23.00 to $24.00 and gave the company a "buy" rating in a report on Monday, January 13th. Raymond James restated a "strong-buy" rating and set a $25.00 price target (up previously from $23.00) on shares of Mach Natural Resources in a research report on Monday, February 10th. Finally, Stifel Nicolaus boosted their price target on shares of Mach Natural Resources from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, February 7th.
Get Our Latest Research Report on Mach Natural Resources
Mach Natural Resources Price Performance
The stock's 50-day moving average is $14.42. The firm has a market capitalization of $1.60 billion, a PE ratio of 7.09 and a beta of -0.44. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 0.56.
Mach Natural Resources Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 14.84%. The ex-dividend date of this dividend was Thursday, February 27th. Mach Natural Resources's payout ratio is 105.26%.
Insider Buying and Selling at Mach Natural Resources
In other news, Director William Wallace Mcmullen acquired 5,161,290 shares of Mach Natural Resources stock in a transaction on Friday, February 7th. The stock was acquired at an average cost of $15.50 per share, with a total value of $79,999,995.00. Following the completion of the acquisition, the director now owns 74,287,410 shares in the company, valued at approximately $1,151,454,855. This trade represents a 7.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 87.80% of the company's stock.
Hedge Funds Weigh In On Mach Natural Resources
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Mach Natural Resources in the 4th quarter valued at $5,128,000. Strategic Financial Concepts LLC raised its holdings 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 worth $3,354,000 after buying an additional 183,870 shares in the last quarter. Invesco Ltd. bought a new stake in shares of Mach Natural Resources in the fourth quarter valued at about $3,079,000. Stifel Financial Corp grew its holdings in shares of Mach Natural Resources by 23.6% during the 4th quarter. Stifel Financial Corp now owns 295,080 shares of the company's stock worth $5,069,000 after purchasing an additional 56,306 shares in the last quarter. Finally, Zuckerman Investment Group LLC increased 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 in the last quarter. Hedge funds and other institutional investors own 78.36% of the company's stock.
Mach Natural Resources Company Profile
(
Get 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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