Short Interest in Mach Natural Resources LP (NYSE:MNR) Grows By 126.0%

Mach Natural Resources LP (NYSE:MNR) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 679,900 shares, an increase of 126.0% from the February 13th total of 300,800 shares. Based on an average trading volume of 320,200 shares, the days-to-cover ratio is presently 2.1 days. Approximately 4.3% of the shares of the stock are short sold.

Insider Activity

In other news, Director William Wallace Mcmullen bought 5,161,290 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $15.50 per share, for a total transaction of $79,999,995.00. Following the completion of the transaction, the director now directly owns 74,287,410 shares in the company, valued at $1,151,454,855. The trade was a 7.47 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 87.80% of the company’s stock.

Institutional Investors Weigh In On Mach Natural Resources

A number of institutional investors have recently modified their holdings of MNR. Franklin Resources Inc. grew its stake in Mach Natural Resources by 13.7% during the 3rd quarter. Franklin Resources Inc. now owns 138,800 shares of the company’s stock worth $2,354,000 after purchasing an additional 16,725 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in Mach Natural Resources by 7.7% during the 4th quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company’s stock worth $4,145,000 after purchasing an additional 17,215 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in Mach Natural Resources by 1,618.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company’s stock worth $3,354,000 after purchasing an additional 183,870 shares in the last quarter. ING Groep NV acquired a new position in Mach Natural Resources during the 4th quarter worth $412,000. Finally, Parkside Financial Bank & Trust purchased a new stake in Mach Natural Resources during the 4th quarter worth about $43,000. 78.36% of the stock is owned by institutional investors and hedge funds.

Mach Natural Resources Trading Up 2.1 %

MNR stock traded up $0.31 during midday trading on Friday, hitting $14.61. 698,386 shares of the company’s stock were exchanged, compared to its average volume of 352,406. Mach Natural Resources has a 1-year low of $13.53 and a 1-year high of $21.19. 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 company’s 50-day simple moving average is $16.33. The stock has a market capitalization of $1.51 billion, a PE ratio of 5.84 and a beta of -0.38.

Mach Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 13.69%. Mach Natural Resources’s payout ratio is presently 80.00%.

Analyst Upgrades and Downgrades

MNR has been the topic of a number of analyst reports. Truist Financial lifted their price objective on Mach Natural Resources from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Raymond James reiterated a “strong-buy” rating and set a $25.00 price objective (up previously from $23.00) on shares of Mach Natural Resources in a research report on Monday, February 10th. Finally, Stifel Nicolaus raised their target price on Mach Natural Resources from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, February 7th.

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.