Matador Resources (NYSE:MTDR) Stock Price Target Lowered at Wells Fargo & Company

Key Points

• Wells Fargo lowered its price target for Matador Resources from $72 to $71 but maintained an “overweight” rating, implying 36.28% upside from the current share price.
• Analyst sentiment remains positive overall: 11 analysts rate the stock a Buy and five a Hold, with a consensus “Moderate Buy” rating and an average target of $68.14.
• Matador beat quarterly expectations, reporting EPS of $2.08 versus $1.85 expected and revenue of $1.39 billion, up 33.9% year over year. Insiders also bought shares, including the CEO’s 5,000-share purchase.

Matador Resources (NYSE:MTDR - Get Free Report) had its target price dropped by analysts at Wells Fargo & Company from $72.00 to $71.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. Wells Fargo & Company's target price indicates a potential upside of 36.28% from the company's current price.

A number of other brokerages have also commented on MTDR. Stifel Nicolaus initiated coverage on Matador Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $66.00 price objective on the stock. KeyCorp boosted their target price on Matador Resources from $68.00 to $73.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 15th. Truist Financial boosted their target price on Matador Resources from $65.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, November 5th. Seaport Research Partners began coverage on Matador Resources in a research note on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, UBS Group raised their price target on Matador Resources from $56.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, September 14th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.14.

Matador Resources Trading Up 3.5%

Shares of NYSE MTDR opened at $52.10 on Thursday. Matador Resources has a 1-year low of $39.55 and a 1-year high of $66.84. The company has a 50-day moving average of $55.78 and a two-hundred day moving average of $54.62. The company has a market cap of $6.45 billion, a PE ratio of 8.98 and a beta of 0.93. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.67.

Matador Resources (NYSE:MTDR - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The energy company reported $2.08 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.23. Matador Resources had a net margin of 18.60% and a return on equity of 14.32%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business posted $1.36 earnings per share. Matador Resources's revenue for the quarter was up 33.9% compared to the same quarter last year. As a group, equities analysts expect that Matador Resources will post 8.34 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP William Elsener purchased 900 shares of the business's stock in a transaction dated Thursday, November 5th. The shares were bought at an average price of $51.48 per share, with a total value of $46,332.00. Following the purchase, the executive vice president directly owned 115,779 shares in the company, valued at $5,960,302.92. This trade represents a 0.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph Foran purchased 5,000 shares of Matador Resources stock in a transaction dated Thursday, November 5th. The stock was bought at an average price of $51.36 per share, for a total transaction of $256,800.00. Following the completion of the transaction, the chief executive officer directly owned 9,772 shares in the company, valued at $501,889.92. The trade was a 104.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 14,705 shares of company stock worth $772,016. Corporate insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Matador Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Matador Resources in the second quarter valued at about $573,936,000. Bank of New York Mellon Corp bought a new stake in shares of Matador Resources in the 2nd quarter valued at about $56,161,000. Bank of America Corp DE bought a new stake in shares of Matador Resources in the 2nd quarter valued at about $42,184,000. Value Holdings Management CO. LLC bought a new stake in shares of Matador Resources in the 2nd quarter valued at about $41,532,000. Finally, First Trust Advisors LP increased its stake in shares of Matador Resources by 103.3% in the 1st quarter. First Trust Advisors LP now owns 1,595,415 shares of the energy company's stock valued at $100,798,000 after acquiring an additional 810,808 shares during the last quarter. Institutional investors own 91.98% of the company's stock.

Matador Resources Company Profile

Matador Resources Company is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas. Its operations are focused primarily on the Delaware Basin in southeastern New Mexico and West Texas. Alongside its exploration and production business, Matador provides midstream services through its subsidiary San Mateo Midstream. These activities include gathering and processing natural gas and handling produced water, supporting the company's operations and serving other producers in the region.

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