Bank of America Corp DE Sells 292,592 Shares of Mach Natural Resources LP (NYSE:MNR)

Bank of America Corp DE lowered its holdings in shares of Mach Natural Resources LP (NYSE:MNR) by 33.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 579,532 shares of the company’s stock after selling 292,592 shares during the period. Bank of America Corp DE owned about 0.56% of Mach Natural Resources worth $9,956,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC bought a new position in shares of Mach Natural Resources during the 4th quarter valued at $26,000. Hollencrest Capital Management bought a new position in shares of Mach Natural Resources during the 4th quarter valued at $34,000. Parkside Financial Bank & Trust bought a new position in shares of Mach Natural Resources during the 4th quarter valued at $43,000. Avior Wealth Management LLC grew its holdings in shares of Mach Natural Resources by 33.3% during the 4th quarter. Avior Wealth Management LLC now owns 12,000 shares of the company’s stock valued at $206,000 after purchasing an additional 3,000 shares during the last quarter. Finally, XTX Topco Ltd grew its holdings in shares of Mach Natural Resources by 11.5% during the 4th quarter. XTX Topco Ltd now owns 13,003 shares of the company’s stock valued at $223,000 after purchasing an additional 1,341 shares during the last quarter. Institutional investors own 78.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MNR. Stifel Nicolaus raised their price target 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. Raymond James reissued a “strong-buy” rating and issued a $25.00 price target (up previously from $23.00) on shares of Mach Natural Resources in a report on Monday, February 10th.

Mach Natural Resources Stock Down 0.9%

Shares of Mach Natural Resources stock opened at $13.51 on Friday. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 8.44 and a beta of -0.28. Mach Natural Resources LP has a 12-month low of $12.40 and a 12-month high of $20.94. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.24. The stock has a fifty day moving average price of $14.06.

Mach Natural Resources (NYSE:MNR) last posted its earnings results on Thursday, May 8th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.01). Mach Natural Resources had a return on equity of 23.58% and a net margin of 25.17%. The company had revenue of $227.00 million during the quarter, compared to analysts’ expectations of $259.09 million. As a group, sell-side analysts expect that Mach Natural Resources LP will post 1.95 earnings per share for the current fiscal year.

Mach Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be given a dividend of $0.79 per share. This is a boost from Mach Natural Resources’s previous quarterly dividend of $0.50. This represents a $3.16 dividend on an annualized basis and a yield of 23.39%. The ex-dividend date is Thursday, May 22nd. Mach Natural Resources’s dividend payout ratio (DPR) is 197.50%.

Mach Natural Resources 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.