Mach Natural Resources (NYSE:MNR) Price Target Raised to $22.00 at Raymond James Financial

Mach Natural Resources (NYSE:MNR) had its target price upped by equities research analysts at Raymond James Financial from $21.00 to $22.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James Financial’s price target would suggest a potential upside of 48.05% from the company’s previous close.

Mach Natural Resources Stock Down 1.7%

Shares of Mach Natural Resources stock opened at $14.86 on Monday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 9.29 and a beta of -0.07. The company’s 50 day moving average price is $14.21 and its 200-day moving average price is $15.02. Mach Natural Resources has a 52-week low of $12.40 and a 52-week high of $20.94. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.61 and a current ratio of 0.69.

Mach Natural Resources (NYSE:MNR) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.01). Mach Natural Resources had a net margin of 16.65% and a return on equity of 20.39%. The company had revenue of $227.00 million for the quarter, compared to the consensus estimate of $259.09 million. Equities research analysts forecast that Mach Natural Resources will post 1.95 EPS for the current year.

Insiders Place Their Bets

In related news, Director William Wallace Mcmullen acquired 144,900 shares of Mach Natural Resources stock in a transaction on Monday, June 16th. The shares were bought at an average price of $14.96 per share, for a total transaction of $2,167,704.00. Following the completion of the purchase, the director directly owned 74,812,939 shares in the company, valued at $1,119,201,567.44. This trade represents a 0.19% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders purchased 525,529 shares of company stock valued at $7,588,638. Company insiders own 87.80% of the company’s stock.

Institutional Investors Weigh In On Mach Natural Resources

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Arrow Investment Advisors LLC acquired a new stake in shares of Mach Natural Resources during the second quarter worth approximately $156,000. Goldman Sachs Group Inc. boosted its holdings in shares of Mach Natural Resources by 120.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,814,782 shares of the company’s stock worth $59,320,000 after buying an additional 2,084,511 shares during the period. State of Wyoming bought a new stake in Mach Natural Resources in the 1st quarter valued at about $108,000. Penn Capital Management Company LLC bought a new stake in shares of Mach Natural Resources during the 1st quarter worth approximately $519,000. Finally, Raymond James Financial Inc. increased its position in Mach Natural Resources by 8.6% during the 1st quarter. Raymond James Financial Inc. now owns 324,291 shares of the company’s stock worth $5,043,000 after purchasing an additional 25,778 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.