ING Groep NV Makes New Investment in Mach Natural Resources LP (NYSE:MNR)

ING Groep NV acquired a new position in shares of Mach Natural Resources LP (NYSE:MNR) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,000 shares of the company’s stock, valued at approximately $412,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. boosted its stake in Mach Natural Resources by 13.7% during the third quarter. Franklin Resources Inc. now owns 138,800 shares of the company’s stock worth $2,354,000 after buying an additional 16,725 shares during the period. Chicago Partners Investment Group LLC boosted its stake in shares of Mach Natural Resources by 7.7% during the fourth quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company’s stock valued at $4,145,000 after purchasing an additional 17,215 shares during the period. Strategic Financial Concepts LLC boosted its stake in shares of Mach Natural Resources by 1,618.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company’s stock valued at $3,354,000 after purchasing an additional 183,870 shares during the period. Finally, Avior Wealth Management LLC boosted its stake in shares of Mach Natural Resources by 33.3% during the fourth quarter. Avior Wealth Management LLC now owns 12,000 shares of the company’s stock valued at $206,000 after purchasing an additional 3,000 shares during the period. 78.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Mach Natural Resources Stock Performance

MNR stock opened at $15.96 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average price of $16.99. Mach Natural Resources LP has a 1-year low of $14.46 and a 1-year high of $21.19.

Mach Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, February 27th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.00 annualized dividend and a dividend yield of 12.53%.

Insider Activity at Mach Natural Resources

In other news, Director William Wallace Mcmullen bought 5,161,290 shares of Mach Natural Resources stock in a transaction on Friday, February 7th. The stock was acquired at an average cost of $15.50 per share, for a total transaction of $79,999,995.00. Following the completion of the acquisition, the director now owns 74,287,410 shares of the company’s stock, valued at $1,151,454,855. This trade represents a 7.47 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 87.80% of the stock is currently owned by corporate insiders.

Mach Natural Resources 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.