Mach Natural Resources (NYSE:MNR) Shares Gap Down – Time to Sell?

Mach Natural Resources LP (NYSE:MNR) gapped down before the market opened on Tuesday . The stock had previously closed at $12.49, but opened at $11.26. Mach Natural Resources shares last traded at $11.1490, with a volume of 2,951,629 shares changing hands.

Analysts Set New Price Targets

MNR has been the subject of several recent research reports. Zacks Research upgraded shares of Mach Natural Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Stifel Nicolaus began coverage on shares of Mach Natural Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $15.00 price objective on the stock. Citigroup reissued an “outperform” rating on shares of Mach Natural Resources in a report on Monday, August 10th. Northland Securities set a $17.00 price objective on shares of Mach Natural Resources in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded Mach Natural Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.83.

Mach Natural Resources Price Performance

The firm has a market capitalization of $1.88 billion, a P/E ratio of 19.13 and a beta of -0.32. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.88 and a quick ratio of 0.76. The stock’s fifty day simple moving average is $12.93 and its 200 day simple moving average is $13.21.

Mach Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 12.8%. The ex-dividend date was Monday, August 17th. Mach Natural Resources’s payout ratio is 244.07%.

Institutional Investors Weigh In On Mach Natural Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Pin Oak Investment Advisors Inc. purchased a new position in Mach Natural Resources in the second quarter worth $3,064,000. ING Groep NV increased its position in shares of Mach Natural Resources by 23.1% during the fourth quarter. ING Groep NV now owns 1,018,000 shares of the company’s stock worth $11,239,000 after purchasing an additional 191,000 shares in the last quarter. GatePass Capital LLC purchased a new stake in shares of Mach Natural Resources during the 4th quarter valued at $373,000. Avior Wealth Management LLC purchased a new stake in shares of Mach Natural Resources during the 2nd quarter valued at $253,000. Finally, Tidal Investments LLC boosted its position in shares of Mach Natural Resources by 94.7% in the 2nd quarter. Tidal Investments LLC now owns 41,112 shares of the company’s stock worth $520,000 after purchasing an additional 19,997 shares in the last quarter. Hedge funds and other institutional investors own 78.36% of the company’s stock.

About Mach Natural Resources

Mach Natural Resources LP is an independent oil and natural gas company focused on the acquisition, development and operation of producing properties in the Anadarko Basin of western Oklahoma. The company’s operations are concentrated in a resource-rich region with established infrastructure and long-standing oil and gas activity.

Mach Natural Resources’ production includes crude oil, natural gas and natural gas liquids. Its activities span the exploration and development of wells, production operations, and the management of related gathering and infrastructure assets.