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

Mach Natural Resources LP (NYSE:MNR) insider Tom Ward purchased 172,413 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average price of $11.60 per share, for a total transaction 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 SEC, which is available at this link.

Mach Natural Resources Trading Down 2.9%

Mach Natural Resources stock traded down $0.33 during trading hours on Wednesday, hitting $10.88. The company had a trading volume of 2,106,239 shares, compared to its average volume of 961,779. Mach Natural Resources LP has a 1 year low of $10.46 and a 1 year high of $15.02. The company has a 50-day moving average price of $12.86 and a two-hundred day moving average price of $13.18. The firm has a market cap of $1.82 billion, a P/E ratio of 18.43 and a beta of -0.32. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.88.

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 13.2%. The ex-dividend date was Monday, August 17th. Mach Natural Resources’s payout ratio is 244.07%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MNR. Pin Oak Investment Advisors Inc. purchased a new stake in Mach Natural Resources in the 2nd quarter valued at approximately $3,064,000. ING Groep NV lifted its holdings in shares of Mach Natural Resources by 23.1% in the 4th quarter. ING Groep NV now owns 1,018,000 shares of the company’s stock valued at $11,239,000 after buying an additional 191,000 shares during the period. GatePass Capital LLC acquired a new stake in shares of Mach Natural Resources in the 4th quarter valued at approximately $373,000. Avior Wealth Management LLC purchased a new stake in shares of Mach Natural Resources in the second quarter valued at approximately $253,000. Finally, Tidal Investments LLC grew its holdings 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 period. 78.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MNR has been the topic of several recent research reports. Stephens set a $20.00 price target on shares of Mach Natural Resources in a report on Monday, July 13th. Northland Securities set a $17.00 price target on Mach Natural Resources in a research note on Monday, August 10th. Capital One Financial started coverage on Mach Natural Resources in a research report on Friday, September 4th. They set an “overweight” rating and a $16.00 price target on the stock. Weiss Ratings raised Mach Natural Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, Zacks Research cut Mach Natural Resources from a “hold” rating to a “strong sell” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Mach Natural Resources has an average rating of “Moderate Buy” and an average target price 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.