Insider Buying: Mach Natural Resources LP (NYSE:MNR) Director Acquires 5,161,290 Shares of Stock

Mach Natural Resources LP (NYSE:MNR - Get Free Report) Director William Wallace Mcmullen acquired 5,161,290 shares of the stock in a transaction that occurred 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 completion of the acquisition, the director now owns 74,287,410 shares of the company's stock, valued at $1,151,454,855. The trade was a 7.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Mach Natural Resources Price Performance

Shares of MNR stock traded up $0.01 during midday trading on Friday, reaching $16.13. 637,919 shares of the company were exchanged, compared to its average volume of 304,487. Mach Natural Resources LP has a 12 month low of $14.46 and a 12 month high of $21.19. 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 company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, February 27th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.00 annualized dividend and a yield of 12.40%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Mach Natural Resources

Institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new stake in Mach Natural Resources in the 4th quarter valued at about $364,000. Stifel Financial Corp raised 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 worth $5,069,000 after purchasing an additional 56,306 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Mach Natural Resources by 11.5% in the 4th quarter. XTX Topco Ltd now owns 13,003 shares of the company's stock worth $223,000 after purchasing an additional 1,341 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in Mach Natural Resources by 10.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 30,610 shares of the company's stock valued at $526,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Zuckerman Investment Group LLC boosted its holdings in Mach Natural Resources by 34.6% during the fourth quarter. Zuckerman Investment Group LLC now owns 105,000 shares of the company's stock worth $1,843,000 after buying an additional 27,000 shares in the last quarter. 78.36% of the stock is currently owned by institutional investors and hedge funds.

Mach Natural Resources Company 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.