Raymond James Financial Increases Mach Natural Resources (NYSE:MNR) Price Target to $22.00

Mach Natural Resources (NYSE:MNR - Free Report) had its target price upped by Raymond James Financial from $21.00 to $22.00 in a report issued on Monday morning,Benzinga reports. Raymond James Financial currently has a strong-buy rating on the stock.

Mach Natural Resources Stock Up 0.6%

Shares of MNR stock traded up $0.10 during mid-day trading on Monday, reaching $15.09. 581,566 shares of the company's stock traded hands, compared to its average volume of 264,626. Mach Natural Resources has a 12 month low of $12.40 and a 12 month high of $20.94. The company has a market cap of $1.79 billion, a P/E ratio of 9.43 and a beta of -0.07. The company has a quick ratio of 0.61, a current ratio of 0.69 and a debt-to-equity ratio of 0.33. The company's 50-day moving average price is $14.15 and its 200-day moving average price is $15.03.

Mach Natural Resources (NYSE:MNR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.69 by ($0.01). The firm 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 20.39% and a net margin of 16.65%. On average, equities analysts expect that Mach Natural Resources will post 1.95 earnings per share for the current fiscal year.

Mach Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.79 per share. The ex-dividend date was Thursday, May 22nd. This represents a $3.16 annualized dividend and a dividend yield of 20.95%. This is a boost from Mach Natural Resources's previous quarterly dividend of $0.50. Mach Natural Resources's dividend payout ratio (DPR) is presently 197.50%.

Insider Buying and Selling at Mach Natural Resources

In related news, Director William Wallace Mcmullen bought 144,900 shares of the stock in a transaction dated Monday, June 16th. The stock was purchased at an average cost of $14.96 per share, with a total value of $2,167,704.00. Following the completion of the purchase, the director owned 74,812,939 shares of the company's stock, valued at $1,119,201,567.44. This trade represents a 0.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have acquired 525,529 shares of company stock valued at $7,588,638 over the last ninety days. Company insiders own 87.80% of the company's stock.

Hedge Funds Weigh In On Mach Natural Resources

Several hedge funds have recently modified their holdings of MNR. Signaturefd LLC purchased a new position in shares of Mach Natural Resources in the 4th quarter valued at about $26,000. Parallel Advisors LLC raised its position in shares of Mach Natural Resources by 100.0% during the 1st quarter. Parallel Advisors LLC now owns 2,000 shares of the company's stock worth $31,000 after acquiring an additional 1,000 shares in the last quarter. State of Wyoming acquired a new stake in shares of Mach Natural Resources during the 1st quarter worth about $108,000. Arrow Investment Advisors LLC acquired a new position in Mach Natural Resources during the second quarter worth approximately $156,000. Finally, Verdence Capital Advisors LLC acquired a new position in Mach Natural Resources during the first quarter worth approximately $177,000. Institutional investors and hedge funds own 78.36% of the company's stock.

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.