Six buys in ten months. $5.97 million of his own units, out of three different pockets. The most expensive one landed days after a large holder sold 5.5 million.
You read this morning that Tom Ward’s trust put $2 million into Mach Natural Resources at $11.60. Tonight, let’s put that buy where it belongs — at the end of a line that starts last November.
Three questions I’ll answer
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How many times has Ward bought his own partnership, and at what prices? |
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What did he pay up for in April, days after a large holder sold? |
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What does a repeat tell you that one $2 million filing cannot? |
One filing is a headline. Six is a position built in the open, and I want to walk you down the whole line. ↓
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Tom Ward Has Bought Mach Six Times Since November
Mach Natural Resources drills and produces oil and natural gas in the Anadarko, Permian and San Juan basins. It is a master limited partnership — a structure that sends most of its cash to unitholders every quarter instead of retaining it, so the payout, not the share price, is the product. Ward runs the general partner that manages Mach; he co-founded Chesapeake Energy and later ran SandRidge.
The Line
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Nov 14, 2025
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41,630 units at $12.01, through his family foundation
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Nov 17, 2025
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41,740 units at $11.98, the foundation again
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Nov 25, 2025
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43,660 units at $11.45, the foundation a third time
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Nov 26, 2025
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40,000 units at $11.63, closing the month
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Apr 13, 2026
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153,256 units at $13.05, split between his 1992 trust and WCT Resources
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Sep 14, 2026
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172,413 units at $11.60, the trust again — $1,999,991
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The One Time He Paid Up
April is the outlier. Ward’s 1992 trust and a second entity he controls took 153,256 units at $13.05, in connection with a public offering by selling unitholders. Five days earlier, on April 8, holders tied to IKAV, one of Mach’s large outside owners, sold 5,557,679 units at $12.81 in the open market. He was buying into that offering as they were selling, and paid more per unit than they took away.
Where It Stands
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Units bought since November
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492,699
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Average price paid
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$12.11
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Units he now holds
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14,221,292
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His last Schedule 13G — the ownership form a large holder files with the SEC — put him at 14,048,879 units, 8.4% of the partnership, against 168,224,213 units outstanding as of May 1. The September purchase takes him to roughly 8.5%. The cash behind it is real: Mach declared $0.36 a unit for the second quarter of 2026, on $406 million of revenue and $98 million of net income, down from $0.38 a unit in the same quarter of 2025. On September 16, two days after his latest purchase, the units traded near $10.88 — under all six prices on that list.
NATE’S TAKE
I have watched plenty of executives buy one lot of their own stock and make sure everyone hears about it. This is different. Ward has used three separate pockets — a family foundation, a 1992 trust, a holding company — across ten months and a $1.60 spread in price, and his highest price came days after a large outside holder sold 5.5 million units. Six purchases do not make the units right. They tell you what the man reading the well results every morning thinks they are worth.
— Nate Fowler
After the Bell · Evening Special Edition
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