In a recent transaction, Chief Financial Officer Kevin R. White of Mach Natural Resources LP (NYSE:MNR) sold 300,000 common units of the company. The sale amounted to a total of $5.55 million, with the price per share averaging $18.50. The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission.
The shares were sold on June 14, at prices ranging from $18.50 to $19.23, as stated in the accompanying footnotes of the SEC filing. This weighted average price reflects a series of transactions rather than a single sale at a uniform price.
Following the sale, White's stake in the company now stands at 467,054 common units, which includes 68,755 phantom units. These phantom units represent a contingent right to receive actual common units upon vesting, which will occur over the next three years, provided White remains in service with the company.
The SEC filing also noted that Kevin R. White serves as the CFO of Mach Natural Resources GP LLC, the general partner of Mach Natural Resources LP, and that the company is managed by the directors and executive officers of the general partner.
Investors often monitor insider transactions as they can provide insights into the company's financial health and future prospects. The filing provides transparency and allows shareholders to see the actions taken by company executives with regards to their own holdings in the company.
In other recent news, Mach Natural Resources LP has made significant changes to its security holders' rights, specifically extending the timeline for quarterly cash distributions. This alteration was disclosed in a recent SEC filing, and the company's board of directors, with the consent of the majority unitholder, approved the amendment to the Amended and Restated Agreement of Limited Partnership. The adjustment extends the company's obligation to distribute its quarterly cash from 60 days post each quarter to 90 days.
The change was formalized through Amendment No. 1 to the Partnership Agreement, executed by the General Partner. The majority unitholders, including BCE-Mach Aggregator LLC, Mach Natural Resources LLC, and entities controlled by Tom L. Ward, collectively holding about 86.2% of the company's outstanding common units, had previously consented to the amendment. These are among the recent developments for Mach Natural Resources LP. The full text of the amendment, detailing the changes, is attached as Exhibit 3.1 to the company's Current Report on Form 8-K filed with the SEC.
InvestingPro Insights
Amidst the insider selling activity at Mach Natural Resources LP (NYSE:MNR), investors may be seeking a broader understanding of the company's financial position and performance. According to real-time data from InvestingPro, Mach Natural Resources LP has a market capitalization of $1.83 billion, indicating its size and significance in the sector. The company's revenue for the last twelve months as of Q1 2024 stood at $758.38 million, although it witnessed a revenue decline of 15.8% during this period. Despite this, quarterly revenue growth in Q1 2024 showed a substantial increase of 50.0%, suggesting a possible turnaround or seasonal fluctuation in sales.
InvestingPro Tips highlight several key considerations for investors. Mach Natural Resources LP is expected to see net income growth this year, which could be a promising sign for future profitability. Additionally, the company has been noted for its significant dividend yield, which was 16.09% as of the most recent data, offering an attractive return for income-seeking investors. For those interested in the company's stock performance, Mach Natural Resources LP has experienced a large price uptick over the last six months, with a 28.7% total return, indicating strong recent market confidence.
Investors considering Mach Natural Resources LP may find additional insights by exploring the full range of InvestingPro Tips available on the platform. There are currently 9 additional tips provided by InvestingPro, which can be accessed at https://www.investing.com/pro/MNR. For those looking to delve deeper, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. This can offer more comprehensive analysis and data to inform investment decisions.
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