Mach Natural Resources (NYSE:MNR) Shares Gap Down on Analyst Downgrade

Shares of Mach Natural Resources LP (NYSE:MNR) gapped down prior to trading on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $12.49, but opened at $11.26. Mach Natural Resources shares last traded at $11.1490, with a volume of 2,951,629 shares traded.

Several other research firms have also recently weighed in on MNR. Stephens set a $20.00 price target on Mach Natural Resources in a report on Monday, July 13th. Citigroup reaffirmed an “outperform” rating on shares of Mach Natural Resources in a report on Monday, August 10th. Raymond James Financial upped their price objective on Mach Natural Resources from $18.00 to $19.00 and gave the company a “strong-buy” rating in a research report on Tuesday, July 14th. Stifel Nicolaus started coverage on Mach Natural Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $15.00 target price on the stock. Finally, Weiss Ratings raised Mach Natural Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.83.

Insiders Place Their Bets

In other news, insider Tom Ward purchased 172,413 shares of the company’s stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $11.60 per share, for a total transaction of $1,999,990.80. Following the completion of the transaction, the insider directly owned 13,467,452 shares in the company, valued at $156,222,443.20. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 87.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Tidal Investments LLC increased its holdings in Mach Natural Resources by 94.7% in the 2nd quarter. Tidal Investments LLC now owns 41,112 shares of the company’s stock valued at $520,000 after acquiring an additional 19,997 shares during the last quarter. Wedbush Securities Inc. boosted its holdings in shares of Mach Natural Resources by 3.2% during the 2nd quarter. Wedbush Securities Inc. now owns 29,167 shares of the company’s stock valued at $369,000 after purchasing an additional 913 shares during the last quarter. Pin Oak Investment Advisors Inc. bought a new stake in shares of Mach Natural Resources in the second quarter worth about $3,064,000. Avior Wealth Management LLC bought a new stake in shares of Mach Natural Resources in the second quarter worth about $253,000. Finally, Royal Bank of Canada lifted its position in shares of Mach Natural Resources by 42.8% in the first quarter. Royal Bank of Canada now owns 13,882 shares of the company’s stock worth $194,000 after buying an additional 4,164 shares in the last quarter. Hedge funds and other institutional investors own 78.36% of the company’s stock.

Mach Natural Resources Stock Down 2.9%

The business has a 50-day moving average of $12.86 and a 200 day moving average of $13.18. The company has a market capitalization of $1.82 billion, a PE ratio of 18.43 and a beta of -0.32. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.88 and a quick ratio of 0.76.

Mach Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 13.2%. The ex-dividend date of this dividend was Monday, August 17th. Mach Natural Resources’s dividend payout ratio is 244.07%.

About Mach Natural Resources

Mach Natural Resources LP is an independent oil and natural gas company focused on the acquisition, development and operation of producing properties in the Anadarko Basin of western Oklahoma. The company’s operations are concentrated in a resource-rich region with established infrastructure and long-standing oil and gas activity.

Mach Natural Resources’ production includes crude oil, natural gas and natural gas liquids. Its activities span the exploration and development of wells, production operations, and the management of related gathering and infrastructure assets.