Mach Natural Resources LP (NYSE:MNR) Receives $23.00 Consensus Target Price from Analysts

Shares of Mach Natural Resources LP (NYSE:MNR) have received an average recommendation of “Buy” from the five analysts that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $23.00.

Several brokerages have issued reports on MNR. William Blair began coverage on shares of Mach Natural Resources in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Mach Natural Resources in a report on Monday, July 14th. KeyCorp began coverage on shares of Mach Natural Resources in a report on Wednesday. They issued an “overweight” rating on the stock. Finally, Wall Street Zen downgraded shares of Mach Natural Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 26th.

Mach Natural Resources Stock Performance

Shares of MNR opened at $14.26 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.69 and a debt-to-equity ratio of 0.41. The stock has a market cap of $1.69 billion, a P/E ratio of 7.35 and a beta of -0.07. The company has a 50-day moving average of $14.59 and a two-hundred day moving average of $14.41. Mach Natural Resources has a 12-month low of $12.40 and a 12-month high of $19.34.

Mach Natural Resources (NYSE:MNR) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.23. Mach Natural Resources had a net margin of 20.83% and a return on equity of 23.23%. The company had revenue of $288.52 million for the quarter, compared to the consensus estimate of $237.56 million. As a group, research analysts predict that Mach Natural Resources will post 1.95 EPS for the current fiscal year.

Mach Natural Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 10.7%. The ex-dividend date of this dividend is Thursday, August 21st. Mach Natural Resources’s dividend payout ratio is 78.35%.

Insider Buying and Selling at Mach Natural Resources

In other news, Director William Wallace Mcmullen acquired 144,900 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $14.96 per share, with a total value of $2,167,704.00. Following the completion of the transaction, the director directly owned 74,812,939 shares in the company, valued at approximately $1,119,201,567.44. This represents a 0.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased a total of 528,614 shares of company stock valued at $7,633,031 over the last ninety days. Insiders own 87.80% of the company’s stock.

Hedge Funds Weigh In On Mach Natural Resources

A number of institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its position in shares of Mach Natural Resources by 120.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,814,782 shares of the company’s stock valued at $59,320,000 after buying an additional 2,084,511 shares during the last quarter. American Century Companies Inc. raised its position in shares of Mach Natural Resources by 4.1% in the second quarter. American Century Companies Inc. now owns 2,578,929 shares of the company’s stock valued at $37,240,000 after buying an additional 100,574 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Mach Natural Resources in the second quarter valued at approximately $7,630,000. Franklin Resources Inc. raised its position in shares of Mach Natural Resources by 115.6% in the second quarter. Franklin Resources Inc. now owns 391,720 shares of the company’s stock valued at $5,656,000 after buying an additional 209,993 shares during the last quarter. Finally, Raymond James Financial Inc. raised its position in shares of Mach Natural Resources by 8.6% in the first quarter. Raymond James Financial Inc. now owns 324,291 shares of the company’s stock valued at $5,043,000 after buying an additional 25,778 shares during the last quarter. Institutional investors and hedge funds own 78.36% of the company’s stock.

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.