Raymond James Reaffirms Strong-Buy Rating for Mach Natural Resources (NYSE:MNR)

Mach Natural Resources (NYSE:MNR - Get Free Report)'s stock had its "strong-buy" rating reissued by equities researchers at Raymond James in a report released on Monday,Benzinga reports. They presently have a $25.00 target price on the stock, up from their prior target price of $23.00. Raymond James' price target would suggest a potential upside of 56.35% from the company's current price.

A number of other research analysts have also recently commented on the stock. Stifel Nicolaus increased their target price on shares of Mach Natural Resources from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Truist Financial increased their price objective on shares of Mach Natural Resources from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, January 13th.

Mach Natural Resources Price Performance

Shares of NYSE:MNR traded up $0.08 during trading on Monday, reaching $15.99. 242,686 shares of the company traded hands, compared to its average volume of 289,847. Mach Natural Resources has a 52 week low of $14.46 and a 52 week 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.

Insider Buying and Selling

In other news, Director William Wallace Mcmullen bought 5,161,290 shares of the firm's stock in a transaction 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 transaction, the director now owns 74,287,410 shares of the company's stock, valued at $1,151,454,855. This trade represents a 7.47 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 87.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mach Natural Resources

Several large investors have recently modified their holdings of MNR. 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 boosted its position in shares of 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 valued at $3,354,000 after purchasing an additional 183,870 shares in the last quarter. Invesco Ltd. acquired a new stake in Mach Natural Resources during the fourth quarter worth approximately $3,079,000. Zuckerman Investment Group LLC increased its holdings in Mach Natural Resources by 34.6% in the fourth quarter. Zuckerman Investment Group LLC now owns 105,000 shares of the company's stock worth $1,843,000 after purchasing an additional 27,000 shares in the last quarter. Finally, ING Groep NV acquired a new position in Mach Natural Resources in the fourth quarter valued at approximately $412,000. 78.36% of the stock is currently owned by institutional investors and hedge funds.

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.