Bank of America Corp DE Buys Shares of 847,418 Matador Resources Company $MTDR

Key Points

• Bank of America acquired 847,418 shares of Matador Resources in the second quarter, worth approximately $42.2 million and representing about 0.68% of the company.
• Institutional investors and hedge funds own 91.98% of Matador’s stock, while insiders have purchased 23,144 shares worth roughly $1.2 million over the past 90 days.
• Matador reported quarterly EPS of $2.61, beating estimates by $0.53, while revenue rose 32.5% year over year to $1.17 billion. The company pays a quarterly dividend of $0.375 per share, and analysts maintain a “Moderate Buy” consensus with a $66.80 target.

Bank of America Corp DE bought a new position in Matador Resources Company (NYSE:MTDR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 847,418 shares of the energy company's stock, valued at approximately $42,184,000. Bank of America Corp DE owned about 0.68% of Matador Resources at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Altshuler Shaham Ltd grew its stake in shares of Matador Resources by 36.7% during the first quarter. Altshuler Shaham Ltd now owns 748 shares of the energy company's stock worth $47,000 after buying an additional 201 shares during the last quarter. Burford Brothers Inc. lifted its stake in shares of Matador Resources by 0.8% in the 1st quarter. Burford Brothers Inc. now owns 26,798 shares of the energy company's stock valued at $1,693,000 after acquiring an additional 225 shares during the last quarter. Mitchell & Pahl Private Wealth LLC boosted its holdings in shares of Matador Resources by 1.3% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 23,240 shares of the energy company's stock valued at $1,468,000 after acquiring an additional 304 shares in the last quarter. Legato Capital Management LLC boosted its holdings in shares of Matador Resources by 3.4% during the 4th quarter. Legato Capital Management LLC now owns 9,369 shares of the energy company's stock valued at $398,000 after acquiring an additional 305 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Matador Resources during the 1st quarter worth $27,000. 91.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Joseph Foran purchased 10,000 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were acquired at an average price of $52.16 per share, for a total transaction of $521,600.00. Following the completion of the acquisition, the chief executive officer owned 25,617 shares in the company, valued at approximately $1,336,182.72. The trade was a 64.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Elsener acquired 850 shares of Matador Resources stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $50.94 per share, with a total value of $43,299.00. Following the purchase, the executive vice president directly owned 114,879 shares of the company's stock, valued at approximately $5,851,936.26. This trade represents a 0.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 23,144 shares of company stock worth $1,211,793. Company insiders own 5.90% of the company's stock.

Matador Resources Price Performance

Matador Resources stock opened at $53.94 on Tuesday. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 9.25 and a beta of 0.79. Matador Resources Company has a 52-week low of $37.14 and a 52-week high of $66.84. The stock's 50 day moving average price is $54.82 and its two-hundred day moving average price is $55.91. 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 (NYSE:MTDR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $2.61 EPS for the quarter, topping the consensus estimate of $2.08 by $0.53. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.06 billion. Matador Resources had a net margin of 19.85% and a return on equity of 13.18%. The company's quarterly revenue was up 32.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.53 EPS. On average, equities analysts predict that Matador Resources Company will post 7.39 earnings per share for the current year.

Matador Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 10th were issued a dividend of $0.375 per share. The ex-dividend date was Monday, August 10th. This represents a $1.50 annualized dividend and a dividend yield of 2.8%. Matador Resources's dividend payout ratio is currently 25.73%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. UBS Group boosted their price target on Matador Resources from $56.00 to $64.00 and gave the stock a "neutral" rating in a report on Monday, September 14th. Morgan Stanley dropped their price objective on shares of Matador Resources from $75.00 to $66.00 and set an "equal weight" rating for the company in a report on Monday, June 29th. Wall Street Zen upgraded shares of Matador Resources from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Seaport Research Partners started coverage on shares of Matador Resources in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Stifel Nicolaus started coverage on shares of Matador Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $66.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Matador Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.80.

Matador Resources 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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