Raymond James Financial Inc. Purchases Shares of 298,513 Mach Natural Resources LP (NYSE:MNR)

Raymond James Financial Inc. acquired a new position in shares of Mach Natural Resources LP (NYSE:MNR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 298,513 shares of the company’s stock, valued at approximately $5,128,000. Raymond James Financial Inc. owned 0.29% of Mach Natural Resources at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Parkside Financial Bank & Trust acquired a new position in Mach Natural Resources during the 4th quarter worth approximately $43,000. Avior Wealth Management LLC increased its stake in Mach Natural Resources by 33.3% in the 4th quarter. Avior Wealth Management LLC now owns 12,000 shares of the company’s stock valued at $206,000 after buying an additional 3,000 shares during the last quarter. Franklin Resources Inc. lifted its position in Mach Natural Resources by 13.7% during the 3rd quarter. Franklin Resources Inc. now owns 138,800 shares of the company’s stock worth $2,354,000 after buying an additional 16,725 shares in the last quarter. Chicago Partners Investment Group LLC boosted its stake in shares of Mach Natural Resources by 7.7% during the 4th quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company’s stock worth $4,145,000 after buying an additional 17,215 shares during the last quarter. Finally, ING Groep NV bought a new position in shares of Mach Natural Resources in the 4th quarter valued at about $412,000. 78.36% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director William Wallace Mcmullen bought 5,161,290 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was bought at an average price of $15.50 per share, for a total transaction of $79,999,995.00. Following the purchase, the director now owns 74,287,410 shares in the company, valued at $1,151,454,855. This represents a 7.47 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 87.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial upped their target price on Mach Natural Resources from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Stifel Nicolaus increased their price objective on Mach Natural Resources from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Raymond James reissued 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, February 10th.

Mach Natural Resources Stock Performance

Shares of NYSE:MNR opened at $15.39 on Wednesday. Mach Natural Resources LP has a 52-week low of $13.53 and a 52-week high of $21.19. 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 firm has a market cap of $1.82 billion, a P/E ratio of 8.10 and a beta of -0.40. The firm has a 50-day moving average price of $16.05.

Mach Natural Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 13.00%. Mach Natural Resources’s payout ratio is 105.26%.

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.