Insider Buying: Mach Natural Resources (NYSE:MNR) Insider Buys $1,999,990.80 in Stock

Mach Natural Resources LP (NYSE:MNR) insider Tom Ward bought 172,413 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $11.60 per share, for a total transaction of $1,999,990.80. Following the purchase, the insider owned 13,467,452 shares of the company’s stock, valued at $156,222,443.20. This trade represents a 1.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Mach Natural Resources Stock Performance

NYSE:MNR opened at $11.03 on Friday. The firm has a market capitalization of $1.84 billion, a PE ratio of 18.69 and a beta of -0.32. The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.63. Mach Natural Resources LP has a 12-month low of $10.46 and a 12-month high of $15.02. The firm has a 50-day moving average price of $12.78 and a 200 day moving average price of $13.15.

Mach Natural Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a $0.36 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.1%. Mach Natural Resources’s dividend payout ratio is presently 244.07%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wedbush Securities Inc. increased its holdings in Mach Natural Resources by 3.2% during the 2nd quarter. Wedbush Securities Inc. now owns 29,167 shares of the company’s stock valued at $369,000 after purchasing an additional 913 shares in the last quarter. Hilton Head Capital Partners LLC acquired a new position in Mach Natural Resources in the fourth quarter worth $31,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Mach Natural Resources in the fourth quarter worth $42,000. CENTRAL TRUST Co grew its holdings in shares of Mach Natural Resources by 384.7% during the first quarter. CENTRAL TRUST Co now owns 4,992 shares of the company’s stock worth $70,000 after purchasing an additional 3,962 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Mach Natural Resources by 42.8% during the first quarter. Royal Bank of Canada now owns 13,882 shares of the company’s stock worth $194,000 after purchasing an additional 4,164 shares during the last quarter. 78.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MNR has been the topic of several recent analyst reports. Wall Street Zen raised Mach Natural Resources from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings lowered Mach Natural Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Citigroup reissued an “outperform” rating on shares of Mach Natural Resources in a report on Monday, August 10th. Northland Securities set a $17.00 target price on shares of Mach Natural Resources in a research note on Monday, August 10th. Finally, Stifel Nicolaus initiated coverage on shares of Mach Natural Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $15.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Mach Natural Resources presently has an average rating of “Moderate Buy” and an average price target of $16.83.

Mach Natural Resources Company Profile

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.