We recently published a list of 10 Stocks Insiders Spent The Most Money On Recently. In this article, we are going to take a look at where Mach Natural Resources (NYSE:MNR) stands against other stocks insiders spent the most money on recently.
As the broader market continues to rise this year, we thought it would be interesting to highlight some stocks that have seen significant insider buying recently. Insiders—such as executives and directors—often have valuable insights into a company’s strategy, plans, and future initiatives. For instance, when a CEO or CFO invests their own money to purchase company shares, it can be seen as a strong vote of confidence in the company’s prospects. When an insider makes a substantial financial commitment, it often signals an even higher level of confidence in the company’s future performance.
Why should we be interested in insider trading activity? While both insider selling and buying can be driven by various motives, it is important to consider these moves within the broader context of the company’s fundamentals, industry trends, and overall market conditions. That’s why due diligence before any investment is of the utmost importance. However, insider trading activity in combination with other relevant determinants can offer valuable insights into a company’s capabilities, helping investors make more informed investment decisions.
What are some of the stocks that have seen the most insider investment recently? To find out, we used Insider Monkey’s insider trading stock screener, focusing only on stocks where each individual insider purchase was valued at $2 million or more. This means the total value of insider purchases over the same period (last 60 days) could be higher, but only larger purchases were considered in the search.
Our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds, focusing on insider trading and stock picks from hedge fund investor newsletters and conferences. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
With each stock, we note the value of acquired shares, which refers to the value of shares acquired through individual insider purchases worth at least $2 million each.
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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 7th, 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%.
Overall, MNR ranks 7th on our list of stocks insiders spent the most money on recently. While we acknowledge the potential of MNR our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MNR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap
Disclosure: None. This article is originally published at Insider Monkey.
