Mach Natural Resources (NYSE:MNR) Sees Strong Trading Volume – Time to Buy?

Mach Natural Resources LP (NYSE:MNR) shares saw an uptick in trading volume on Wednesday . Approximately 772,599 shares traded hands during trading, an increase of 41% from the previous session’s volume of 549,343 shares.The stock last traded at $10.9950 and had previously closed at $11.20.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MNR shares. Capital One Financial assumed coverage on shares of Mach Natural Resources in a report on Friday, September 4th. They issued an “overweight” rating and a $16.00 price target for the company. Stifel Nicolaus assumed coverage on shares of Mach Natural Resources in a research note on Thursday, September 10th. They issued a “buy” rating and a $15.00 price objective on the stock. Weiss Ratings upgraded shares of Mach Natural Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Raymond James Financial increased their target price on shares of Mach Natural Resources from $18.00 to $19.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 14th. Finally, Northland Securities set a $17.00 target price on shares of Mach Natural Resources in a report on Monday, August 10th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.83.

Mach Natural Resources Price Performance

The stock has a 50 day moving average of $12.90 and a two-hundred day moving average of $13.20. The stock has a market cap of $1.84 billion, a PE ratio of 18.64 and a beta of -0.32. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.88.

Mach Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 13.1%. The ex-dividend date was Monday, August 17th. Mach Natural Resources’s dividend payout ratio (DPR) is presently 244.07%.

Institutional Investors Weigh In On Mach Natural Resources

A number of large investors have recently made changes to their positions in MNR. ING Groep NV boosted its stake in Mach Natural Resources by 23.1% in the 4th quarter. ING Groep NV now owns 1,018,000 shares of the company’s stock worth $11,239,000 after purchasing an additional 191,000 shares during the period. Pin Oak Investment Advisors Inc. purchased a new position in Mach Natural Resources during the 2nd quarter worth approximately $3,064,000. Tidal Investments LLC raised its stake in Mach Natural Resources by 94.7% during the 2nd quarter. Tidal Investments LLC now owns 41,112 shares of the company’s stock valued at $520,000 after purchasing an additional 19,997 shares during the period. GatePass Capital LLC acquired a new stake in Mach Natural Resources during the 4th quarter valued at $373,000. Finally, Wedbush Securities Inc. lifted its holdings in shares of Mach Natural Resources by 3.2% in the second quarter. Wedbush Securities Inc. now owns 29,167 shares of the company’s stock valued at $369,000 after purchasing an additional 913 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 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.