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

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

Mach Natural Resources Trading Up 0.2%

Mach Natural Resources stock traded up $0.03 during midday trading on Monday, hitting $14.80. 185,174 shares of the stock were exchanged, compared to its average volume of 265,855. The company has a fifty day simple moving average of $14.24 and a two-hundred day simple moving average of $15.02. Mach Natural Resources has a 52 week low of $12.40 and a 52 week high of $20.94. The stock has a market capitalization of $1.75 billion, a PE ratio of 9.25 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.

Mach Natural Resources (NYSE:MNR - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.01). Mach Natural Resources had a return on equity of 20.39% and a net margin of 16.65%. The company had revenue of $227.00 million for the quarter, compared to analyst estimates of $259.09 million. Equities research analysts anticipate that Mach Natural Resources will post 1.95 EPS 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. Shareholders of record on Thursday, May 22nd were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 21.35%. This is a boost from Mach Natural Resources's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, May 22nd. Mach Natural Resources's payout ratio is 197.50%.

Insider Activity

In other news, Director William Wallace Mcmullen acquired 144,900 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average price of $14.96 per share, with a total value of $2,167,704.00. Following the completion of the transaction, the director directly 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 525,529 shares of company stock valued at $7,588,638 over the last three months. Insiders own 87.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Mach Natural Resources during the 4th quarter worth $5,128,000. Signaturefd LLC bought a new stake in Mach Natural Resources in the 4th quarter valued at about $26,000. Sei Investments Co. increased its position in shares of Mach Natural Resources by 8.4% in the fourth quarter. Sei Investments Co. now owns 271,608 shares of the company's stock worth $4,666,000 after purchasing an additional 21,101 shares during the last quarter. LPL Financial LLC boosted its stake in Mach Natural Resources by 28.1% in the fourth quarter. LPL Financial LLC now owns 43,001 shares of the company's stock worth $739,000 after buying an additional 9,435 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in Mach Natural Resources in the fourth quarter worth approximately $3,079,000. Institutional investors own 78.36% of the company's stock.

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.