Matador Resources (NYSE:MTDR) Price Target Raised to $73.00

Key Points

• KeyCorp raised Matador Resources’ price target to $73 from $68 and maintained an “overweight” rating, implying 19.31% upside from the prior close. Analysts overall give the stock a “Moderate Buy” rating with an average target of $66.80.
• Matador reported strong quarterly results, earning $2.61 per share versus the $2.08 consensus estimate and generating $1.17 billion in revenue, up 32.5% year over year.
• Insider and institutional interest remains notable: insiders bought 23,144 shares worth about $1.21 million over the past 90 days, while institutional investors own 91.98% of the company.

Matador Resources (NYSE:MTDR - Get Free Report) had its target price hoisted by investment analysts at KeyCorp from $68.00 to $73.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the energy company's stock. KeyCorp's target price suggests a potential upside of 19.31% from the stock's previous close.

MTDR has been the topic of several other research reports. Wall Street Zen raised shares of Matador Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Citigroup decreased their price objective on shares of Matador Resources from $68.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Morgan Stanley lowered their price target on Matador Resources from $75.00 to $66.00 and set an "equal weight" rating on the stock in a report on Monday, June 29th. Roth Capital raised shares of Matador Resources from a "neutral" rating to a "buy" rating and set a $65.00 price target on the stock in a report on Monday, June 22nd. Finally, UBS Group boosted their target price on shares of Matador Resources from $56.00 to $64.00 and gave the company a "neutral" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $66.80.

Matador Resources Stock Up 0.2%

MTDR opened at $61.19 on Tuesday. The stock has a market cap of $7.57 billion, a PE ratio of 10.50 and a beta of 0.79. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 0.67. Matador Resources has a 52 week low of $37.14 and a 52 week high of $66.84. The business's fifty day simple moving average is $54.25 and its 200 day simple moving average is $55.69.

Matador Resources (NYSE:MTDR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.53. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.06 billion. Matador Resources had a return on equity of 13.18% and a net margin of 19.85%.Matador Resources's revenue for the quarter was up 32.5% compared to the same quarter last year. During the same period last year, the company earned $1.53 EPS. As a group, research analysts expect that Matador Resources will post 7.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christopher Calvert acquired 2,500 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were purchased at an average cost of $56.64 per share, for a total transaction of $141,600.00. Following the transaction, the chief financial officer directly owned 44,000 shares of the company's stock, valued at approximately $2,492,160. This trade represents a 6.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP William Elsener acquired 850 shares of the stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $50.94 per share, for a total transaction of $43,299.00. Following the completion of the transaction, the executive vice president directly owned 114,879 shares of the company's stock, valued at approximately $5,851,936.26. This represents a 0.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 23,144 shares of company stock worth $1,211,793. Company insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MTDR. Great Lakes Advisors LLC purchased a new position in Matador Resources during the 2nd quarter worth $605,000. Hsbc Holdings PLC lifted its holdings in shares of Matador Resources by 935.4% in the 2nd quarter. Hsbc Holdings PLC now owns 56,096 shares of the energy company's stock worth $2,824,000 after buying an additional 50,678 shares during the period. Quantbot Technologies LP bought a new position in shares of Matador Resources during the 2nd quarter worth $3,682,000. BlackRock Inc. bought a new position in shares of Matador Resources during the 2nd quarter worth $573,936,000. Finally, Morningstar Investment Management LLC purchased a new position in shares of Matador Resources during the first quarter valued at $2,630,000. 91.98% of the stock is currently owned by institutional investors.

Matador Resources Company Profile

Matador Resources Company is an independent energy company engaged in the exploration, development, production and acquisition of oil, natural gas and natural gas liquids. The company focuses primarily on unconventional, horizontal drilling and development activities in the United States.

Matador's principal operations are concentrated in the Delaware Basin, a sub-basin of the Permian Basin in southeastern New Mexico and West Texas. Its activities include drilling and completing wells, producing hydrocarbons, and managing mineral and leasehold interests associated with its development programs.

Through its midstream operations, including San Mateo Midstream, Matador also provides gathering, processing, transportation and water-handling services that support oil and natural gas production in the Delaware Basin.

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