First Trust Advisors LP Invests $16.32 Million in Montauk Renewables, Inc. (NASDAQ:MNTK)

Posted by Defense World Staff on Mar 10th, 2023

First Trust Advisors LP purchased a new stake in Montauk Renewables, Inc. (NASDAQ:MNTK – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 935,927 shares of the company’s stock, valued at approximately $16,323,000. First Trust Advisors LP owned approximately 0.65% of Montauk Renewables at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MNTK. Tower Research Capital LLC TRC boosted its position in shares of Montauk Renewables by 28.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 7,466 shares of the company’s stock valued at $130,000 after acquiring an additional 1,640 shares during the last quarter. Credit Suisse AG boosted its holdings in Montauk Renewables by 3.9% in the 3rd quarter. Credit Suisse AG now owns 64,220 shares of the company’s stock valued at $1,120,000 after purchasing an additional 2,427 shares during the last quarter. Strs Ohio purchased a new stake in shares of Montauk Renewables in the 3rd quarter valued at approximately $61,000. Lazard Asset Management LLC purchased a new stake in shares of Montauk Renewables in the 1st quarter valued at approximately $52,000. Finally, Royal Bank of Canada increased its holdings in shares of Montauk Renewables by 1,899.5% during the 3rd quarter. Royal Bank of Canada now owns 7,378 shares of the company’s stock worth $129,000 after buying an additional 7,009 shares during the last quarter. Institutional investors and hedge funds own 12.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, UBS Group initiated coverage on Montauk Renewables in a report on Tuesday, December 13th. They issued a “sell” rating and a $9.00 price objective on the stock.

Montauk Renewables Stock Down 5.8 %

Shares of NASDAQ:MNTK opened at $9.49 on Friday. The business has a 50-day moving average price of $10.79 and a 200 day moving average price of $13.43. Montauk Renewables, Inc. has a 12-month low of $9.10 and a 12-month high of $20.78. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 39.54 and a beta of -0.26.

About Montauk Renewables

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Montauk Renewables, Inc, a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that capture methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid.