Mach Natural Resources (NYSE:MNR) Price Target Raised to $24.00

Mach Natural Resources (NYSE:MNR) had its target price lifted by analysts at Truist Financial from $23.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 40.52% from the company’s current price.

Mach Natural Resources Price Performance

MNR stock traded up $0.04 during trading on Monday, hitting $17.08. 36,020 shares of the company traded hands, compared to its average volume of 148,057. The stock has a market capitalization of $1.77 billion, a PE ratio of 7.15 and a beta of -0.79. Mach Natural Resources has a 1 year low of $14.46 and a 1 year high of $21.19.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Mach Natural Resources stock. Franklin Resources Inc. raised its stake in shares of Mach Natural Resources LP (NYSE:MNR) by 13.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 138,800 shares of the company’s stock after buying an additional 16,725 shares during the quarter. Franklin Resources Inc. owned about 0.13% of Mach Natural Resources worth $2,354,000 at the end of the most recent quarter. 78.36% of the stock is owned by hedge funds and other institutional investors.

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.