Mach Natural Resources (NYSE:MNR) Hits New 52-Week Low - Here's What Happened

Mach Natural Resources LP (NYSE:MNR - Get Free Report) hit a new 52-week low on Monday . The stock traded as low as $12.40 and last traded at $12.63, with a volume of 97900 shares changing hands. The stock had previously closed at $13.60.

Wall Street Analysts Forecast Growth

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

Mach Natural Resources Trading Up 0.4 %

The company has a debt-to-equity ratio of 0.56, a current ratio of 1.24 and a quick ratio of 1.16. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 6.91 and a beta of -0.44. The stock has a 50 day moving average of $15.02.

Mach Natural Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, February 27th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 15.23%. The ex-dividend date was Thursday, February 27th. Mach Natural Resources's dividend payout ratio is 105.26%.

Insider Buying and Selling

In other Mach Natural Resources news, Director William Wallace Mcmullen bought 5,161,290 shares of Mach Natural Resources stock in a transaction that occurred 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 completion of the acquisition, 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 87.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mach Natural Resources

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in Mach Natural Resources during the fourth quarter valued at approximately $5,128,000. Stifel Financial Corp boosted its holdings in shares of Mach Natural Resources by 23.6% in the 4th quarter. Stifel Financial Corp now owns 295,080 shares of the company's stock valued at $5,069,000 after buying an additional 56,306 shares during the last quarter. Sei Investments Co. grew its stake in shares of Mach Natural Resources by 8.4% in the fourth quarter. Sei Investments Co. now owns 271,608 shares of the company's stock valued at $4,666,000 after buying an additional 21,101 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Mach Natural Resources by 7.7% during the fourth quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company's stock worth $4,145,000 after buying an additional 17,215 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its position in 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 acquiring an additional 183,870 shares in the last quarter. Institutional investors own 78.36% of the company's stock.

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.