Matador Resources Company $MTDR Shares Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Matador Resources stake by 2.3% in the first quarter, holding 1,186,046 shares valued at about $74.9 million at the end of the period.
• Insiders were buying: COO Glenn W. Stetson and CEO Joseph Wm Foran both purchased shares recently, and insiders bought 11,907 shares worth $635,712 over the last three months.
• Analysts remain cautiously positive, with a Moderate Buy consensus and an average price target of $64.08; Matador also beat quarterly EPS and revenue estimates in its latest earnings report.

Bank of New York Mellon Corp raised its position in Matador Resources Company (NYSE:MTDR - Free Report) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,186,046 shares of the energy company's stock after purchasing an additional 26,205 shares during the period. Bank of New York Mellon Corp owned about 0.95% of Matador Resources worth $74,934,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MTDR. V Square Quantitative Management LLC purchased a new stake in Matador Resources in the 1st quarter worth approximately $27,000. Kestra Investment Management LLC raised its holdings in Matador Resources by 225.2% in the 2nd quarter. Kestra Investment Management LLC now owns 517 shares of the energy company's stock valued at $25,000 after acquiring an additional 358 shares during the last quarter. Center for Financial Planning Inc. purchased a new position in shares of Matador Resources during the 1st quarter worth $41,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Matador Resources during the 3rd quarter worth $35,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Matador Resources by 361.3% during the first quarter. Geneos Wealth Management Inc. now owns 881 shares of the energy company's stock worth $45,000 after purchasing an additional 690 shares during the last quarter. 91.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Matador Resources

In other news, COO Glenn W. Stetson purchased 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was acquired at an average cost of $53.41 per share, with a total value of $26,705.00. Following the acquisition, the chief operating officer owned 95,470 shares in the company, valued at approximately $5,099,052.70. This trade represents a 0.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph Wm Foran acquired 4,675 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was purchased at an average price of $52.36 per share, for a total transaction of $244,783.00. Following the acquisition, the chief executive officer directly owned 6,997 shares in the company, valued at $366,362.92. This represents a 201.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 11,907 shares of company stock valued at $635,712. Corporate insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup dropped their target price on Matador Resources from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday. Mizuho lifted their price target on Matador Resources from $74.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. KeyCorp lifted their price target on Matador Resources from $61.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, April 2nd. Roth Capital raised shares of Matador Resources from a "neutral" rating to a "buy" rating and set a $65.00 price objective for the company in a research note on Monday, June 22nd. Finally, UBS Group cut their price objective on shares of Matador Resources from $62.00 to $56.00 and set a "neutral" rating on the stock in a report on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Matador Resources currently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Matador Resources Price Performance

MTDR stock opened at $54.06 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.70 and a current ratio of 0.73. Matador Resources Company has a 1 year low of $37.14 and a 1 year high of $66.84. The firm has a market cap of $6.71 billion, a P/E ratio of 13.90 and a beta of 0.74. The stock has a 50-day simple moving average of $53.46 and a 200-day simple moving average of $53.07.

Matador Resources (NYSE:MTDR - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.24 by $0.29. Matador Resources had a return on equity of 11.20% and a net margin of 14.41%.The firm had revenue of $941.60 million for the quarter, compared to analyst estimates of $871.57 million. During the same period in the previous year, the company posted $1.99 EPS. Matador Resources's revenue for the quarter was down 33.8% on a year-over-year basis. On average, equities analysts predict that Matador Resources Company will post 6.99 earnings per share for the current fiscal year.

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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