William Blair Initiates Coverage on Mach Natural Resources (NYSE:MNR)

Key Points

• William Blair has initiated coverage on Mach Natural Resources with an "outperform" rating, following various ratings from other analysts which include one "strong buy" and three "buy" ratings.
• Mach Natural Resources reported a quarterly EPS of $0.76, exceeding estimates, and achieved a revenue of $288.52 million against forecasts of $237.56 million.
• Insider trading activity shows that Director William Wallace Mcmullen purchased 144,900 shares of the company, indicating confidence in the stock's future performance.

Research analysts at William Blair assumed coverage on shares of Mach Natural Resources (NYSE:MNR - Get Free Report) in a research note issued to investors on Monday,Benzinga reports. The firm set an "outperform" rating on the stock.

Several other equities research analysts have also issued reports on the company. Wall Street Zen lowered Mach Natural Resources from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mach Natural Resources in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, Mach Natural Resources currently has an average rating of "Buy" and an average target price of $23.00.

Mach Natural Resources Price Performance

Shares of NYSE:MNR opened at $13.78 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.69 and a debt-to-equity ratio of 0.41. The stock's fifty day simple moving average is $14.70 and its two-hundred day simple moving average is $14.46. Mach Natural Resources has a 1-year low of $12.40 and a 1-year high of $20.85. The stock has a market cap of $1.63 billion, a PE ratio of 7.10 and a beta of -0.07.

Mach Natural Resources (NYSE:MNR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.23. Mach Natural Resources had a return on equity of 23.23% and a net margin of 20.83%.The business had revenue of $288.52 million for the quarter, compared to analysts' expectations of $237.56 million. As a group, analysts forecast that Mach Natural Resources will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director William Wallace Mcmullen bought 144,900 shares of Mach Natural Resources stock in a transaction 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 acquisition, the director directly owned 74,812,939 shares of the company's stock, valued at $1,119,201,567.44. This represents a 0.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders bought 528,614 shares of company stock worth $7,633,031. 87.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MNR. Goldman Sachs Group Inc. boosted its position in shares of Mach Natural Resources by 120.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,814,782 shares of the company's stock valued at $59,320,000 after acquiring an additional 2,084,511 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Mach Natural Resources by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 2,578,929 shares of the company's stock valued at $37,240,000 after acquiring an additional 100,574 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Mach Natural Resources during the 2nd quarter valued at about $7,630,000. Franklin Resources Inc. boosted its position in shares of Mach Natural Resources by 115.6% during the 2nd quarter. Franklin Resources Inc. now owns 391,720 shares of the company's stock valued at $5,656,000 after acquiring an additional 209,993 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of Mach Natural Resources by 8.6% during the 1st quarter. Raymond James Financial Inc. now owns 324,291 shares of the company's stock valued at $5,043,000 after acquiring an additional 25,778 shares during the last quarter. Hedge funds and other institutional investors 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.

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