298,513 Shares in Mach Natural Resources LP (NYSE:MNR) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in Mach Natural Resources LP (NYSE:MNR) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 298,513 shares of the company’s stock, valued at approximately $5,128,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust bought a new stake in shares of Mach Natural Resources in the fourth quarter valued at about $43,000. Avior Wealth Management LLC raised its stake in Mach Natural Resources by 33.3% in the 4th quarter. Avior Wealth Management LLC now owns 12,000 shares of the company’s stock worth $206,000 after purchasing an additional 3,000 shares in the last quarter. ING Groep NV bought a new stake in Mach Natural Resources in the 4th quarter valued at about $412,000. Franklin Resources Inc. grew its position in shares of Mach Natural Resources by 13.7% during the 3rd quarter. Franklin Resources Inc. now owns 138,800 shares of the company’s stock worth $2,354,000 after purchasing an additional 16,725 shares in the last quarter. Finally, Strategic Financial Concepts LLC increased its holdings in shares of Mach Natural Resources by 1,618.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company’s stock worth $3,354,000 after purchasing an additional 183,870 shares during the period. 78.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director William Wallace Mcmullen acquired 5,161,290 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was acquired at an average price of $15.50 per share, with a total value of $79,999,995.00. Following the purchase, the director now directly owns 74,287,410 shares in the company, valued at approximately $1,151,454,855. This trade represents a 7.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 87.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MNR has been the subject of several recent research reports. Raymond James reiterated a “strong-buy” rating and issued a $25.00 price target (up from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th. Truist Financial lifted their price objective on Mach Natural Resources from $23.00 to $24.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Stifel Nicolaus increased their target price on Mach Natural Resources from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, February 7th.

Mach Natural Resources Trading Down 0.7 %

Shares of Mach Natural Resources stock opened at $15.39 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.24. The company has a market cap of $1.82 billion, a P/E ratio of 8.10 and a beta of -0.40. The stock’s 50 day moving average price is $16.05. Mach Natural Resources LP has a 1-year low of $13.53 and a 1-year high of $21.19.

Mach Natural Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, February 27th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 13.00%. The ex-dividend date was Thursday, February 27th. Mach Natural Resources’s dividend payout ratio is presently 105.26%.

About Mach Natural Resources

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.