10 Stocks Insiders Spent The Most Money On Recently

7. Mach Natural Resources LP (NYSE:MNR)

Value Of Shares Acquired: $79,999,995.00

Market Cap: $1.91 billion

Mach Natural Resources is an independent upstream oil and gas company with a focus on the acquisition, development, and production of oil, natural gas, and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. Its portfolio also includes midstream assets, plants, and water infrastructure.

On February 7^th, Wallace William Mcmullen, a large shareholder and director at Mach Natural Resources, purchased around $80 million worth of the company’s shares, at a price of $15.50 per share. The stock is now trading at $16.40, having gone down 4.54% since the beginning of the year. The purchase was part of the company’s public offering of 12.90 million shares, out of which McMullen acquired about 5.16 million. After this purchase, Mcmullen raised his holdings to 74.29 million company shares.

For the third quarter of 2024, the company reported net income of $67.44 million, compared to net income of $83.49 million in the same period of 2023. Adjusted EBITDA was a gain of $133.97 million, which compares to adjusted EBITDA of $120.51 million in the same quarter of the prior year.

Mach Natural Resources Board of Directors recently declared a quarterly cash distribution for the fourth quarter of 2024 of $0.50 per unit.

As per data from StockAnalysis, three analysts have an average “Strong Buy” rating on Mach Natural Resources stock. Analysts also have a 12-month stock price forecast of $23.0, representing an increase of 40.24% from the previous price.

Over the last 12 months, the company’s shares declined 11.88%.