Franklin Resources Inc. Sells 23,700 Shares of Mach Natural Resources LP (NYSE:MNR)

Franklin Resources Inc. cut its holdings in shares of Mach Natural Resources LP (NYSE:MNR - Free Report) by 17.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,100 shares of the company's stock after selling 23,700 shares during the period. Franklin Resources Inc. owned about 0.11% of Mach Natural Resources worth $1,977,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. increased its position in Mach Natural Resources by 8.4% during the 4th quarter. Sei Investments Co. now owns 271,608 shares of the company's stock valued at $4,666,000 after purchasing an additional 21,101 shares during the period. Chicago Partners Investment Group LLC lifted its holdings in Mach Natural Resources by 7.7% in the fourth quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company's stock valued at $4,145,000 after buying an additional 17,215 shares during the period. Raymond James Financial Inc. bought a new stake in Mach Natural Resources during the fourth quarter valued at $5,128,000. Strategic Financial Concepts LLC grew its holdings in Mach Natural Resources by 1,618.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company's stock worth $3,354,000 after acquiring an additional 183,870 shares during the period. Finally, ING Groep NV bought a new position in shares of Mach Natural Resources in the 4th quarter worth about $412,000. 78.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MNR. Stifel Nicolaus raised their target price on Mach Natural Resources from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Raymond James reaffirmed a "strong-buy" rating and set a $25.00 price objective (up previously from $23.00) on shares of Mach Natural Resources in a research report on Monday, February 10th. Finally, Truist Financial boosted their target price on shares of Mach Natural Resources from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Monday, January 13th.

Mach Natural Resources Stock Up 2.0 %

NYSE:MNR traded up $0.27 on Friday, hitting $13.44. The stock had a trading volume of 116,216 shares, compared to its average volume of 212,398. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.24. Mach Natural Resources LP has a 52 week low of $12.40 and a 52 week high of $21.19. The company's fifty day moving average price is $14.72. The company has a market cap of $1.59 billion, a P/E ratio of 7.07 and a beta of -0.44.

Mach Natural Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, February 27th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 14.89%. The ex-dividend date of this dividend was Thursday, February 27th. Mach Natural Resources's payout ratio is currently 105.26%.

Insider Buying and Selling at Mach Natural Resources

In related news, Director William Wallace Mcmullen purchased 5,161,290 shares of the business's stock in a transaction on Friday, February 7th. The stock was acquired at an average price of $15.50 per share, for a total transaction of $79,999,995.00. Following the purchase, the director now owns 74,287,410 shares of the company's stock, valued at approximately $1,151,454,855. This trade represents a 7.47 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 87.80% of the stock is currently owned by company insiders.

Mach Natural Resources Profile

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.