Mach Natural Resources LP (NYSE:MNR) Plans $0.50 Quarterly Dividend

Mach Natural Resources LP (NYSE:MNR - Get Free Report) announced a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Stockholders of record on Thursday, February 27th will be given a dividend of 0.50 per share on Thursday, March 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 12.19%. The ex-dividend date is Thursday, February 27th.

Mach Natural Resources has a dividend payout ratio of 80.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings tumble. Analysts expect Mach Natural Resources to earn $2.62 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 76.3%.

Mach Natural Resources Price Performance

Shares of MNR stock traded up $0.29 during midday trading on Tuesday, reaching $16.41. 174,041 shares of the company traded hands, compared to its average volume of 299,219. Mach Natural Resources has a 1-year low of $14.46 and a 1-year high of $21.19. The company has a current ratio of 1.24, a quick ratio of 1.16 and a debt-to-equity ratio of 0.56.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MNR shares. Stifel Nicolaus lifted their price target on shares of Mach Natural Resources from $21.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James reissued a "strong-buy" rating and set a $25.00 price objective (up from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th. Finally, Truist Financial raised their price objective on shares of Mach Natural Resources from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, January 13th.

Insiders Place Their Bets

In other news, Director William Wallace Mcmullen bought 5,161,290 shares of the stock in a transaction on Friday, February 7th. The stock was purchased at an average cost of $15.50 per share, with a total value 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. The trade was a 7.47 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 87.80% of the stock is owned by corporate insiders.

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.