Mach Natural Resources LP (NYSE:MNR) Increases Dividend to $0.79 Per Share

Mach Natural Resources LP (NYSE:MNR) declared a quarterly dividend on Friday, May 9th, Wall Street Journal reports. Shareholders of record on Thursday, May 22nd will be given a dividend of 0.79 per share on Thursday, June 5th. This represents a $3.16 dividend on an annualized basis and a yield of 22.19%. The ex-dividend date of this dividend is Thursday, May 22nd. This is a 58.0% increase from Mach Natural Resources’s previous quarterly dividend of $0.50.

Mach Natural Resources has a dividend payout ratio of 132.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Mach Natural Resources to earn $2.54 per share next year, which means the company may not be able to cover its $3.16 annual dividend with an expected future payout ratio of 124.4%.

Mach Natural Resources Trading Up 0.3%

MNR stock opened at $14.24 on Tuesday. The business’s 50-day moving average price is $14.12. The company has a market cap of $1.69 billion, a PE ratio of 8.90 and a beta of -0.28. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.24. Mach Natural Resources has a 1 year low of $12.40 and a 1 year high of $20.94.

Mach Natural Resources (NYSE:MNR) last released its earnings results 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). The firm had revenue of $227.00 million for the quarter, compared to the consensus estimate of $259.09 million. Mach Natural Resources had a return on equity of 23.58% and a net margin of 25.17%. On average, analysts forecast that Mach Natural Resources will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on MNR. Raymond James reiterated a “strong-buy” rating and set a $25.00 target price (up previously from $23.00) on shares of Mach Natural Resources in a report on Monday, February 10th. Stifel Nicolaus increased their price objective on shares of Mach Natural Resources from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, February 7th.

Hedge Funds Weigh In On Mach Natural Resources

An institutional investor recently raised its position in Mach Natural Resources stock. Goldman Sachs Group Inc. lifted its holdings in shares of Mach Natural Resources LP (NYSE:MNR) by 120.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,814,782 shares of the company’s stock after buying an additional 2,084,511 shares during the period. Goldman Sachs Group Inc. owned about 3.22% of Mach Natural Resources worth $59,320,000 at the end of the most recent quarter. 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.