Congress Asset Management Co. Increases Stake in Matador Resources Company $MTDR

Key Points

• Congress Asset Management increased its Matador Resources stake by 36.4% in the third quarter, purchasing 38,119 additional shares and bringing its holdings to 142,738 shares worth approximately $7.36 million.
• Institutional investors own 91.98% of Matador’s stock, while insiders purchased 23,144 shares worth $1.21 million over the past quarter.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and a $66.80 average price target. Matador also reported quarterly earnings and revenue above expectations and pays a $1.50 annualized dividend, yielding about 2.8%.

Congress Asset Management Co. lifted its holdings in Matador Resources Company (NYSE:MTDR - Free Report) by 36.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 142,738 shares of the energy company's stock after buying an additional 38,119 shares during the quarter. Congress Asset Management Co. owned about 0.12% of Matador Resources worth $7,362,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Matador Resources in the 2nd quarter valued at $573,936,000. Dimensional Fund Advisors LP lifted its position in Matador Resources by 4.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,948,104 shares of the energy company's stock valued at $439,010,000 after purchasing an additional 277,839 shares during the period. First Trust Advisors LP boosted 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 purchasing an additional 810,808 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Matador Resources by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,186,046 shares of the energy company's stock worth $74,934,000 after buying an additional 26,205 shares during the period. Finally, GW&K Investment Management LLC grew its position in shares of Matador Resources by 0.3% during the 4th quarter. GW&K Investment Management LLC now owns 1,571,528 shares of the energy company's stock worth $66,696,000 after buying an additional 5,178 shares during the period. Institutional investors own 91.98% of the company's stock.

Insider Buying and Selling at Matador Resources

In other Matador Resources news, EVP William Elsener purchased 850 shares of the stock in a transaction on Monday, August 10th. The shares were purchased at an average price of $50.94 per share, with a total value of $43,299.00. Following the completion of the transaction, the executive vice president directly owned 114,879 shares in the company, valued at $5,851,936.26. This represents a 0.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Foran acquired 555 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was acquired at an average price of $54.49 per share, for a total transaction of $30,241.95. Following the purchase, the chief executive officer directly owned 4,772 shares of the company's stock, valued at approximately $260,026.28. This trade represents a 13.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 23,144 shares of company stock worth $1,211,793 over the last quarter. 5.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTDR. Stifel Nicolaus started coverage on shares of Matador Resources in a research note on Thursday, September 10th. They issued a "buy" rating and a $66.00 target price for the company. Wall Street Zen upgraded Matador Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 26th. KeyCorp increased their price target on Matador Resources from $68.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, September 15th. Mizuho upgraded Matador Resources to a "strong-buy" rating in a report on Friday, July 31st. Finally, Stephens boosted their price objective on Matador Resources from $92.00 to $93.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.80.

Matador Resources Stock Performance

Shares of MTDR stock opened at $52.82 on Thursday. Matador Resources Company has a 12 month low of $37.14 and a 12 month high of $66.84. The company's fifty day simple moving average is $54.99 and its 200-day simple moving average is $55.59. The firm has a market cap of $6.54 billion, a PE ratio of 9.06 and a beta of 0.98. 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 (NYSE:MTDR - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.06 billion. Matador Resources had a net margin of 19.85% and a return on equity of 13.18%. The company's revenue for the quarter was up 32.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.53 EPS. Equities research analysts expect that Matador Resources Company will post 7.5 EPS for the current fiscal year.

Matador Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 10th were given a dividend of $0.3750 per share. This represents a $1.50 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, August 10th. Matador Resources's dividend payout ratio is 25.73%.

Matador Resources Profile

Matador Resources Company is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas properties. Its operations are focused primarily on unconventional, or shale, formations, with oil, natural gas and natural gas liquids among its principal products.

The company's main exploration and production activities are concentrated in the Delaware Basin, part of the Permian Basin in southeastern New Mexico and West Texas. Matador has also historically held interests in other U.S.

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