Mach Natural Resources (NYSE:MNR) Shares Gap Down Following Analyst Downgrade

Mach Natural Resources LP (NYSE:MNR) shares gapped down before the market opened on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $12.49, but opened at $11.26. Mach Natural Resources shares last traded at $11.1490, with a volume of 2,951,629 shares trading hands.

Several other research analysts have also commented on the stock. Northland Securities set a $17.00 price target on shares of Mach Natural Resources in a research note on Monday, August 10th. Stephens set a $20.00 price objective on shares of Mach Natural Resources in a research note on Monday, July 13th. Raymond James Financial upped their price objective on shares of Mach Natural Resources from $18.00 to $19.00 and gave the stock a “strong-buy” rating in a report on Tuesday, July 14th. Stifel Nicolaus started coverage on shares of Mach Natural Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $15.00 target price on the stock. Finally, Weiss Ratings upgraded Mach Natural Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.83.

Insider Buying and Selling

In other news, insider Tom Ward purchased 172,413 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were bought at an average price of $11.60 per share, with a total value of $1,999,990.80. Following the completion of the transaction, the insider directly owned 13,467,452 shares in the company, valued at $156,222,443.20. This trade represents a 1.30% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 87.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MNR. Hilton Head Capital Partners LLC acquired a new position in Mach Natural Resources during the 4th quarter worth $31,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Mach Natural Resources in the fourth quarter valued at about $42,000. CENTRAL TRUST Co grew its position in shares of Mach Natural Resources by 384.7% in the first quarter. CENTRAL TRUST Co now owns 4,992 shares of the company’s stock valued at $70,000 after purchasing an additional 3,962 shares during the last quarter. Royal Bank of Canada grew its position in shares of Mach Natural Resources by 42.8% in the first quarter. Royal Bank of Canada now owns 13,882 shares of the company’s stock valued at $194,000 after purchasing an additional 4,164 shares during the last quarter. Finally, Alpine Global Management LLC bought a new position in shares of Mach Natural Resources in the fourth quarter worth about $178,000. 78.36% of the stock is currently owned by institutional investors and hedge funds.

Mach Natural Resources Stock Down 2.9%

The company has a debt-to-equity ratio of 0.63, a current ratio of 0.88 and a quick ratio of 0.76. The firm has a market capitalization of $1.82 billion, a P/E ratio of 18.43 and a beta of -0.32. The business has a 50 day moving average price of $12.86 and a 200 day moving average price of $13.18.

Mach Natural Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 13.2%. The ex-dividend date of this dividend was Monday, August 17th. Mach Natural Resources’s payout ratio is currently 244.07%.

About Mach Natural Resources

Mach Natural Resources LP is an independent oil and natural gas company focused on the acquisition, development and operation of producing properties in the Anadarko Basin of western Oklahoma. The company’s operations are concentrated in a resource-rich region with established infrastructure and long-standing oil and gas activity.

Mach Natural Resources’ production includes crude oil, natural gas and natural gas liquids. Its activities span the exploration and development of wells, production operations, and the management of related gathering and infrastructure assets.