LPL Financial LLC Grows Stock Position in Matador Resources Company (NYSE:MTDR)

Key Points

• LPL Financial LLC increased its stake in Matador Resources by 21.7%, owning approximately 81,175 shares valued at about $4.15 million.
• Matador Resources reported earnings of $1.53 per share for the last quarter, exceeding analyst expectations of $1.29, and had a revenue increase of 8.2% year-over-year.
• The company authorized a share repurchase program worth $400 million, indicating management's belief that the stock is undervalued, alongside a quarterly dividend of $0.3125 per share.

LPL Financial LLC lifted its stake in shares of Matador Resources Company (NYSE:MTDR - Free Report) by 21.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,175 shares of the energy company's stock after acquiring an additional 14,461 shares during the quarter. LPL Financial LLC owned approximately 0.06% of Matador Resources worth $4,147,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MTDR. Altshuler Shaham Ltd bought a new position in shares of Matador Resources during the 4th quarter valued at approximately $25,000. MCF Advisors LLC bought a new position in Matador Resources in the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new position in Matador Resources in the 1st quarter worth approximately $28,000. Rakuten Securities Inc. boosted its stake in Matador Resources by 9,090.9% in the 1st quarter. Rakuten Securities Inc. now owns 1,011 shares of the energy company's stock worth $52,000 after purchasing an additional 1,000 shares during the period. Finally, Mpwm Advisory Solutions LLC bought a new position in Matador Resources in the 4th quarter worth approximately $68,000. 91.98% of the stock is currently owned by institutional investors.

Matador Resources Stock Down 0.4%

NYSE MTDR opened at $47.79 on Friday. The stock has a 50 day moving average price of $49.61 and a 200-day moving average price of $48.20. Matador Resources Company has a one year low of $35.19 and a one year high of $64.04. The company has a market capitalization of $5.95 billion, a P/E ratio of 7.00 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.81 and a current ratio of 0.85.

Matador Resources (NYSE:MTDR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The energy company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.24. Matador Resources had a return on equity of 16.53% and a net margin of 22.57%. The company had revenue of $895.31 million for the quarter, compared to analyst estimates of $892.86 million. During the same quarter in the prior year, the firm posted $2.05 EPS. Matador Resources's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, equities analysts predict that Matador Resources Company will post 8.53 EPS for the current fiscal year.

Matador Resources announced that its board has authorized a share repurchase program on Wednesday, April 23rd that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the energy company to buy up to 7.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Matador Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 15th. Matador Resources's dividend payout ratio is presently 18.30%.

Insiders Place Their Bets

In related news, CEO Joseph Wm Foran purchased 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average price of $49.17 per share, for a total transaction of $245,850.00. Following the acquisition, the chief executive officer owned 6,606 shares of the company's stock, valued at approximately $324,817.02. This represents a 311.33% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MTDR shares. TD Cowen upgraded Matador Resources to a "strong-buy" rating in a research note on Monday, July 7th. Mizuho dropped their price target on Matador Resources from $74.00 to $73.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. KeyCorp upped their price target on Matador Resources from $60.00 to $62.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. UBS Group upped their price target on Matador Resources from $46.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Bank of America started coverage on Matador Resources in a research note on Monday, May 19th. They issued a "buy" rating and a $56.00 price target for the company. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Matador Resources presently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Matador Resources Company Profile

Matador Resources Company, an independent energy company, engages in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. It operates through two segments, Exploration and Production; and Midstream. The company primarily holds interests in the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.

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