10 Stocks With At Least $30 Million In Insider Spending Recently

5. Mach Natural Resources LP (NYSE:MNR)

Highest Individual Purchase: $79,999,995.00

Number of Purchases Above $30 million: 1

Market Capitalization: $1.65 billion

Mach Natural Resources is an independent upstream oil and gas company focused on acquiring, developing, and producing oil, natural gas, and NGL reserves in the Anadarko Basin, covering Western Oklahoma, Southern Kansas, and the Texas Panhandle. The company’s portfolio also includes midstream assets, plants, and water infrastructure.

On February 7^th, Wallace William Mcmullen, a large shareholder and director at Mach Natural, purchased around $80 million worth of the company’s common units, at a price of $15.50 per unit. This acquisition was part of the company’s public offering of the company’s common units, under which Mach Natural expected to receive net proceeds of approximately $192.5 million.

Out of the 12.90 million units, McMullen acquired about 5.16 million and raised his holdings to 74.29 million company units.

The company said it plans to use the net proceeds from the offering to repay in full the approximately $23.0 million of borrowings outstanding under its super-priority credit facility, and the remainder to repay a portion of its term loan credit facility.

Later in February, Mach Natural’s board of directors declared a quarterly cash distribution for the fourth quarter of 2024 of $0.50 per unit.

Currently, the stock is trading at $14.14, having lost 17.69% year-to-date.

Three analysts have given Mach Natural an average “Strong Buy” rating with a price target of $24, according to StockAnalysis.