Raymond James Financial Inc. Takes Position in Mach Natural Resources LP (NYSE:MNR)

Raymond James Financial Inc. acquired a new stake in shares of Mach Natural Resources LP (NYSE:MNR - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 298,513 shares of the company's stock, valued at approximately $5,128,000. Raymond James Financial Inc. owned 0.29% of Mach Natural Resources as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in shares of Mach Natural Resources by 13.7% during the third quarter. Franklin Resources Inc. now owns 138,800 shares of the company's stock valued at $2,354,000 after buying an additional 16,725 shares during the period. Avior Wealth Management LLC raised its holdings in shares of Mach Natural Resources by 33.3% in the 4th quarter. Avior Wealth Management LLC now owns 12,000 shares of the company's stock valued at $206,000 after acquiring an additional 3,000 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of 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 worth $4,145,000 after purchasing an additional 17,215 shares during the last quarter. Strategic Financial Concepts LLC increased its position in shares of Mach Natural Resources by 1,618.0% in 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 last quarter. Finally, ING Groep NV purchased a new stake in Mach Natural Resources in the fourth quarter valued at approximately $412,000. Hedge funds and other institutional investors own 78.36% of the company's stock.

Mach Natural Resources Trading Down 3.6 %

Shares of MNR traded down $0.50 during mid-day trading on Tuesday, reaching $13.48. The company's stock had a trading volume of 152,009 shares, compared to its average volume of 213,296. Mach Natural Resources LP has a 52 week low of $12.40 and a 52 week high of $21.19. The firm has a market capitalization of $1.60 billion, a PE ratio of 7.09 and a beta of -0.44. The stock's fifty day moving average price is $14.42. 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 Cuts Dividend

The firm 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 yield of 14.84%. The ex-dividend date was Thursday, February 27th. Mach Natural Resources's dividend payout ratio is presently 105.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Stifel Nicolaus boosted 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 note on Friday, February 7th. Truist Financial increased their target price on Mach Natural Resources from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, Raymond James reaffirmed a "strong-buy" rating and set a $25.00 price target (up previously from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th.

Insider Buying and Selling at Mach Natural Resources

In related news, Director William Wallace Mcmullen acquired 5,161,290 shares of the company's stock in a transaction dated Friday, February 7th. The stock was purchased at an average price of $15.50 per share, with a total value of $79,999,995.00. Following the completion of the purchase, the director now owns 74,287,410 shares in the company, 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 this hyperlink. Company insiders own 87.80% 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.