Raymond James Financial Inc. Makes New $5.13 Million Investment in Mach Natural Resources LP (NYSE:MNR)

Raymond James Financial Inc. bought a new stake in Mach Natural Resources LP (NYSE:MNR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 298,513 shares of the company's stock, valued at approximately $5,128,000. Raymond James Financial Inc. owned about 0.29% of Mach Natural Resources as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Franklin Resources Inc. lifted its position in Mach Natural Resources by 13.7% during the 3rd quarter. Franklin Resources Inc. now owns 138,800 shares of the company's stock worth $2,354,000 after acquiring an additional 16,725 shares during the period. Avior Wealth Management LLC grew its position in Mach Natural Resources by 33.3% in the 4th quarter. Avior Wealth Management LLC now owns 12,000 shares of the company's stock valued at $206,000 after buying an additional 3,000 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in Mach Natural Resources by 7.7% in the 4th quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company's stock valued at $4,145,000 after buying an additional 17,215 shares during the period. Strategic Financial Concepts LLC raised its holdings in Mach Natural Resources by 1,618.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company's stock worth $3,354,000 after purchasing an additional 183,870 shares in the last quarter. Finally, ING Groep NV acquired a new stake in shares of Mach Natural Resources in the 4th quarter valued at approximately $412,000. Institutional investors and hedge funds own 78.36% of the company's stock.

Mach Natural Resources Stock Performance

Mach Natural Resources stock traded up $0.08 during trading on Thursday, hitting $13.51. The company's stock had a trading volume of 23,492 shares, compared to its average volume of 213,202. The stock has a fifty day moving average price of $14.32. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.24 and a quick ratio of 1.16. Mach Natural Resources LP has a 1-year low of $12.40 and a 1-year high of $20.96. The stock has a market capitalization of $1.60 billion, a PE ratio of 7.11 and a beta of -0.44.

Mach Natural Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, February 27th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, February 27th. This represents a $2.00 annualized dividend and a dividend yield of 14.81%. Mach Natural Resources's payout ratio is 105.26%.

Analysts Set New Price Targets

MNR has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Mach Natural Resources from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Raymond James reissued 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 note on Monday, February 10th. Finally, Stifel Nicolaus lifted their price objective on Mach Natural Resources from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, February 7th.

Insiders Place Their Bets

In other news, Director William Wallace Mcmullen acquired 5,161,290 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was purchased 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 directly owns 74,287,410 shares in the company, valued at $1,151,454,855. This represents a 7.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 87.80% of the stock is currently owned by insiders.

Mach Natural Resources 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.