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

Shares of Mach Natural Resources LP (NYSE:MNR) gapped up before the market opened on Friday following a dividend announcement from the company. 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.

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

Analysts Set New Price Targets

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

Mach Natural Resources Price Performance

The firm has a market capitalization of $1.65 billion, a price-to-earnings 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 business’s fifty day moving average price is $14.09.

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

Institutional Trading of Mach Natural Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC grew its holdings 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 buying an additional 15,344 shares in the last quarter. XTX Topco Ltd grew its stake in Mach Natural Resources by 131.5% during the first quarter. XTX Topco Ltd now owns 30,107 shares of the company’s stock valued at $468,000 after acquiring an additional 17,104 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new stake in Mach Natural Resources during the 1st quarter worth approximately $3,349,000. Verdence Capital Advisors LLC purchased a new stake in Mach Natural Resources in the 1st quarter worth approximately $177,000. Finally, Stephens Inc. AR boosted its holdings in Mach Natural Resources by 81.5% in the 1st quarter. Stephens Inc. AR now owns 143,410 shares of the company’s stock valued at $2,230,000 after purchasing an additional 64,410 shares during the period. 78.36% of the stock is currently owned by 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.