Matador Resources Company $MTDR Stock Position Reduced by Bank of America Corp DE

Key Points

• Bank of America cut its Matador Resources position by 31.3% in the first quarter, selling 368,860 shares and retaining 808,526 shares worth about $51.1 million. Institutional investors collectively own 91.98% of the company.
• Matador reported strong quarterly results, with EPS of $2.61 and revenue of $1.17 billion, exceeding estimates and reflecting 32.5% year-over-year revenue growth.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $65.29 versus the stock’s recent price of $52.55. The company also declared a quarterly dividend of $0.375 per share, a 2.9% annualized yield.

Bank of America Corp DE reduced its position in Matador Resources Company (NYSE:MTDR - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 808,526 shares of the energy company's stock after selling 368,860 shares during the period. Bank of America Corp DE owned about 0.65% of Matador Resources worth $51,083,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTDR. Kestra Investment Management LLC grew its position in Matador Resources by 225.2% in the second 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 acquired a new position in Matador Resources during the first quarter worth $27,000. Measured Wealth Private Client Group LLC bought a new position in Matador Resources during the third quarter valued at about $35,000. Center for Financial Planning Inc. acquired a new stake in shares of Matador Resources in the first quarter worth about $41,000. Finally, Gilpin Wealth Management LLC bought a new stake in shares of Matador Resources during the 4th quarter worth about $42,000. 91.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MTDR. Stephens upped their target price on Matador Resources from $92.00 to $93.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Mizuho upgraded shares of Matador Resources to a "strong-buy" rating in a research note on Friday, July 31st. Zacks Research downgraded shares of Matador Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Wells Fargo & Company raised their target price on shares of Matador Resources from $54.00 to $63.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Finally, UBS Group lifted their target price on shares of Matador Resources from $54.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Matador Resources has an average rating of "Moderate Buy" and a consensus price target of $65.29.

Matador Resources Trading Up 0.6%

Shares of Matador Resources stock opened at $52.55 on Wednesday. Matador Resources Company has a 1 year low of $37.14 and a 1 year high of $66.84. The company's fifty day simple moving average is $51.29 and its 200-day simple moving average is $53.83. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 9.01 and a beta of 0.76. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 0.67.

Matador Resources (NYSE:MTDR - Get Free Report) last released its earnings results on Wednesday, August 5th. The energy company reported $2.61 EPS for the quarter, beating the consensus estimate of $2.08 by $0.53. Matador Resources had a net margin of 19.85% and a return on equity of 13.18%. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the company earned $1.53 EPS. The business's quarterly revenue was up 32.5% compared to the same quarter last year. As a group, sell-side analysts expect that Matador Resources Company will post 7.11 EPS for the current year.

Matador Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 10th will be given a dividend of $0.375 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.9%. Matador Resources's dividend payout ratio is currently 25.73%.

Insider Activity

In other news, CFO Christopher P. Calvert purchased 1,500 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $53.24 per share, for a total transaction of $79,860.00. Following the completion of the purchase, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Glenn W. Stetson purchased 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average price of $53.41 per share, for a total transaction of $26,705.00. Following the completion of the purchase, the chief operating officer directly owned 95,470 shares of the company's stock, valued at approximately $5,099,052.70. This trade represents a 0.53% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 11,907 shares of company stock valued at $635,712. Insiders own 5.90% of the company's stock.

About Matador Resources

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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