Mach Natural Resources LP (NYSE:MNR) Sees Large Decrease in Short Interest

Mach Natural Resources LP (NYSE:MNR) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 360,700 shares, a drop of 51.0% from the March 15th total of 735,700 shares. Based on an average trading volume of 325,300 shares, the short-interest ratio is presently 1.1 days. Approximately 1.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MNR shares. Raymond James reiterated a “strong-buy” rating and issued a $25.00 price target (up from $23.00) on shares of Mach Natural Resources in a research report on Monday, February 10th. Stifel Nicolaus raised their target price 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. Finally, Truist Financial raised their price objective on Mach Natural Resources from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, January 13th.

Mach Natural Resources Price Performance

NYSE MNR traded down $0.08 on Wednesday, hitting $13.15. 128,074 shares of the stock were exchanged, compared to its average volume of 211,589. The business’s 50-day moving average price is $14.89. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.24 and a quick ratio of 1.16. The company has a market cap of $1.56 billion, a P/E ratio of 6.92 and a beta of -0.44. Mach Natural Resources has a 52-week low of $12.40 and a 52-week high of $21.19.

Mach Natural Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 15.21%. The ex-dividend date of this dividend was Thursday, February 27th. Mach Natural Resources’s dividend payout ratio is currently 105.26%.

Insider Buying and Selling

In other news, Director William Wallace Mcmullen bought 5,161,290 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were purchased at an average price of $15.50 per share, with a total value of $79,999,995.00. Following the completion of the acquisition, the director now directly owns 74,287,410 shares in the company, valued at approximately $1,151,454,855. This trade represents a 7.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 87.80% of the company’s stock.

Institutional Trading of Mach Natural Resources

Several hedge funds and other institutional investors have recently modified their holdings of MNR. Signaturefd LLC bought a new position in Mach Natural Resources during the fourth quarter valued at approximately $26,000. Parallel Advisors LLC raised its holdings in Mach Natural Resources by 100.0% during the first quarter. Parallel Advisors LLC now owns 2,000 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares in the last quarter. Hollencrest Capital Management bought a new stake in shares of Mach Natural Resources during the 4th quarter worth about $34,000. Parkside Financial Bank & Trust bought a new position in shares of Mach Natural Resources in the 4th quarter valued at approximately $43,000. Finally, Avior Wealth Management LLC boosted its position in Mach Natural Resources by 33.3% during the fourth quarter. Avior Wealth Management LLC now owns 12,000 shares of the company’s stock worth $206,000 after purchasing an additional 3,000 shares during the period. 78.36% of the stock is currently owned by hedge funds and other institutional investors.

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.