Mach Natural Resources (NYSE:MNR) Shares Gap Up Following Dividend Announcement

Shares of Mach Natural Resources LP (NYSE:MNR) gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $13.46, but opened at $14.60. Mach Natural Resources shares last traded at $13.97, with a volume of 106,222 shares changing hands.

The newly announced dividend which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a $0.79 dividend. This is a positive change from Mach Natural Resources’s previous quarterly dividend of $0.50. This represents a $3.16 annualized dividend and a yield of 22.70%. The ex-dividend date of this dividend is Thursday, May 22nd. Mach Natural Resources’s dividend payout ratio is presently 105.26%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Truist Financial raised their price target on shares of Mach Natural Resources from $23.00 to $24.00 and gave the company a “buy” rating in a report on Monday, January 13th. Raymond James reiterated a “strong-buy” rating and set a $25.00 target price (up from $23.00) on shares of Mach Natural Resources in a research note on Monday, February 10th. Finally, Stifel Nicolaus raised their price objective on Mach Natural Resources from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, February 7th.

Mach Natural Resources Price Performance

The company has a market cap of $1.65 billion, a PE ratio of 7.33 and a beta of -0.28. 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 stock has a 50 day simple moving average of $14.09.

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

Institutional Trading of Mach Natural Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Partners Investment Group LLC lifted its position in Mach Natural Resources by 6.3% during the 1st quarter. Chicago Partners Investment Group LLC now owns 257,462 shares of the company’s stock valued at $4,004,000 after purchasing an additional 15,344 shares during the period. XTX Topco Ltd raised its holdings in Mach Natural Resources by 131.5% during the 1st quarter. XTX Topco Ltd now owns 30,107 shares of the company’s stock worth $468,000 after buying an additional 17,104 shares during the period. Pin Oak Investment Advisors Inc. bought a new stake in Mach Natural Resources in the 1st quarter valued at $3,349,000. Verdence Capital Advisors LLC acquired a new position in shares of Mach Natural Resources during the first quarter worth about $177,000. Finally, Stephens Inc. AR grew its stake in shares of Mach Natural Resources by 81.5% during the 1st quarter. Stephens Inc. AR now owns 143,410 shares of the company’s stock worth $2,230,000 after acquiring an additional 64,410 shares in the last quarter. Institutional investors and hedge funds own 78.36% of the company’s stock.

About Mach Natural Resources

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.