Key Points
- Insider buying: Tom Ward purchased 172,413 Mach Natural Resources shares at an average $11.60 each, investing nearly $2 million and increasing his stake to 13.47 million shares.
- Dividend concerns: Mach pays a quarterly dividend of $0.36 per share, implying a 13.2% yield, but its 244.07% payout ratio suggests the dividend exceeds reported earnings.
- Analyst outlook: The stock has a consensus “Moderate Buy” rating with an average price target of $16.83, despite ratings ranging from “Strong Buy” to “Strong Sell.”
Mach Natural Resources LP (NYSE:MNR - Get Free Report) insider Tom Ward purchased 172,413 shares of Mach Natural Resources stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $11.60 per share, with a total value of $1,999,990.80. Following the acquisition, the insider directly owned 13,467,452 shares in the company, valued at $156,222,443.20. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Mach Natural Resources Stock Performance
Shares of MNR stock opened at $10.88 on Thursday. The company has a market capitalization of $1.82 billion, a P/E ratio of 18.43 and a beta of -0.32. The business's 50 day moving average is $12.86 and its two-hundred day moving average is $13.18. The company has a current ratio of 0.88, a quick ratio of 0.76 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.
Mach Natural Resources Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders 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 13.2%. The ex-dividend date of this dividend was Monday, August 17th. Mach Natural Resources's dividend payout ratio is presently 244.07%.
Analyst Upgrades and Downgrades
MNR has been the topic of a number of research analyst reports. Raymond James Financial lifted their price target on shares of Mach Natural Resources from $18.00 to $19.00 and gave the company a "strong-buy" rating in a research note on Tuesday, July 14th. Zacks Research lowered shares of Mach Natural Resources from a "hold" rating to a "strong sell" rating in a research report on Monday. Citigroup reissued an "outperform" rating on shares of Mach Natural Resources in a research note on Monday, August 10th. Stifel Nicolaus initiated coverage on Mach Natural Resources in a report on Thursday, September 10th. They issued a "buy" rating and a $15.00 price objective on the stock. Finally, Stephens set a $20.00 price objective on Mach Natural Resources in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $16.83.
Get Our Latest Research Report on Mach Natural Resources
Institutional Investors Weigh In On Mach Natural Resources
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Mach Natural Resources during the second quarter worth $3,064,000. ING Groep NV lifted its stake in shares of Mach Natural Resources by 23.1% in the fourth quarter. ING Groep NV now owns 1,018,000 shares of the company's stock worth $11,239,000 after buying an additional 191,000 shares in the last quarter. GatePass Capital LLC purchased a new position in shares of Mach Natural Resources in the fourth quarter worth about $373,000. Avior Wealth Management LLC purchased a new position in shares of Mach Natural Resources in the second quarter worth about $253,000. Finally, Tidal Investments LLC boosted its position in Mach Natural Resources by 94.7% during the second quarter. Tidal Investments LLC now owns 41,112 shares of the company's stock worth $520,000 after acquiring an additional 19,997 shares during the last quarter. Institutional investors and hedge funds own 78.36% of the company's stock.
Mach Natural Resources Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
