Citigroup Lowers Matador Resources (NYSE:MTDR) Price Target to $60.00

Key Points

• Citigroup cut Matador Resources’ price target from $68 to $60 while maintaining a “buy” rating, implying approximately 14.18% upside from the stock’s previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $65.29, despite mixed adjustments from other firms.
• Matador reported quarterly EPS of $2.61, beating estimates of $2.08, while revenue rose 32.5% year over year to $1.17 billion.

Matador Resources (NYSE:MTDR - Get Free Report) had its price target reduced by stock analysts at Citigroup from $68.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Citigroup's price objective suggests a potential upside of 14.18% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Mizuho upgraded shares of Matador Resources to a "strong-buy" rating in a research report on Friday, July 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Matador Resources in a research note on Friday. Truist Financial decreased their target price on Matador Resources from $63.00 to $59.00 and set a "buy" rating on the stock in a research note on Monday. Zacks Research downgraded Matador Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, UBS Group upped their price objective on shares of Matador Resources from $54.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $65.29.

Matador Resources Stock Performance

Matador Resources stock traded up $0.32 during mid-day trading on Tuesday, reaching $52.55. The company's stock had a trading volume of 1,087,150 shares, compared to its average volume of 1,891,553. The firm's fifty day moving average price is $51.36 and its two-hundred day moving average price is $53.77. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.62 and a current ratio of 0.65. Matador Resources has a 12-month low of $37.14 and a 12-month high of $66.84. The company has a market capitalization of $6.53 billion, a P/E ratio of 9.02 and a beta of 0.76.

Matador Resources (NYSE:MTDR - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $2.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.53. Matador Resources had a return on equity of 13.18% and a net margin of 19.85%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the company posted $1.53 EPS. The firm's revenue for the quarter was up 32.5% compared to the same quarter last year. Sell-side analysts predict that Matador Resources will post 6.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christopher P. Calvert acquired 1,500 shares of the business's stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $53.24 per share, for a total transaction of $79,860.00. Following the completion of the transaction, the chief financial officer directly owned 41,500 shares of the company's stock, valued at approximately $2,209,460. The trade was a 3.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Glenn W. Stetson bought 500 shares of the stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $53.41 per share, with a total value of $26,705.00. Following the acquisition, the chief operating officer directly owned 95,470 shares in the company, valued at approximately $5,099,052.70. The trade was a 0.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 11,907 shares of company stock valued at $635,712 over the last three months. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC grew its stake in Matador Resources by 225.2% in the 2nd quarter. Kestra Investment Management LLC now owns 517 shares of the energy company's stock worth $25,000 after acquiring an additional 358 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Matador Resources during the 1st quarter worth $27,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Matador Resources during the third quarter valued at $35,000. Center for Financial Planning Inc. bought a new stake in shares of Matador Resources in the first quarter valued at about $41,000. Finally, Gilpin Wealth Management LLC bought a new position in Matador Resources during the 4th quarter worth about $42,000. 91.98% of the stock is currently owned by institutional investors.

Matador Resources Company Profile

Matador Resources Company is an independent energy firm primarily engaged in the exploration, development and production of oil, natural gas liquids (NGLs) and natural gas. The company focuses on upstream operations, utilizing horizontal drilling and hydraulic fracturing techniques to unlock hydrocarbons from key reservoirs. Its asset base includes both operated and non‐operated positions, with a particular emphasis on the Permian Basin, one of the most prolific oil-producing regions in North America.

Matador's core operations are concentrated in the Delaware Basin segment of the Permian Basin, where it holds substantial acreage in both Reeves and Culberson counties in West Texas and Eddy and Lea counties in New Mexico.

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