Meeder Asset Management Inc. Cuts Stock Position in Matador Resources Company $MTDR

Key Points

• Meeder Asset Management sharply reduced its Matador Resources stake by 78% in the first quarter, selling 29,669 shares and leaving it with 8,350 shares valued at about $528,000.
• Matador Resources reported better-than-expected Q1 earnings of $1.53 per share on revenue of $941.6 million, though revenue still fell 33.8% from a year earlier.
• The company continues to return cash to shareholders with a quarterly dividend of $0.375 per share, implying an annualized yield of about 2.8%; analysts currently rate the stock Moderate Buy with an average price target of $63.77.

Meeder Asset Management Inc. lessened its stake in shares of Matador Resources Company (NYSE:MTDR - Free Report) by 78.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,350 shares of the energy company's stock after selling 29,669 shares during the period. Meeder Asset Management Inc.'s holdings in Matador Resources were worth $528,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Burford Brothers Inc. grew its stake in shares of Matador Resources by 0.8% in the first quarter. Burford Brothers Inc. now owns 26,798 shares of the energy company's stock worth $1,693,000 after acquiring an additional 225 shares during the last quarter. Fiduciary Trust Co raised its position in shares of Matador Resources by 2.2% in the 3rd quarter. Fiduciary Trust Co now owns 11,821 shares of the energy company's stock worth $531,000 after purchasing an additional 253 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Matador Resources by 2.9% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 9,138 shares of the energy company's stock worth $388,000 after purchasing an additional 254 shares during the last quarter. Verdence Capital Advisors LLC raised its position in shares of Matador Resources by 3.5% in the 4th quarter. Verdence Capital Advisors LLC now owns 8,233 shares of the energy company's stock worth $349,000 after purchasing an additional 278 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC boosted its stake in Matador Resources by 1.3% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 23,240 shares of the energy company's stock worth $1,468,000 after purchasing an additional 304 shares in the last quarter. Hedge funds and other institutional investors own 91.98% of the company's stock.

Matador Resources Trading Down 0.5%

Shares of MTDR stock opened at $53.51 on Tuesday. The company has a current ratio of 0.73, a quick ratio of 0.70 and a debt-to-equity ratio of 0.59. Matador Resources Company has a 12-month low of $37.14 and a 12-month high of $66.84. The stock has a market capitalization of $6.64 billion, a P/E ratio of 13.76 and a beta of 0.74. The firm's 50 day moving average is $53.51 and its 200 day moving average is $52.99.

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

Matador Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 8th were issued a $0.375 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.50 annualized dividend and a dividend yield of 2.8%. Matador Resources's payout ratio is presently 38.56%.

Analysts Set New Price Targets

A number of research firms have weighed in on MTDR. KeyCorp raised their price objective on shares of Matador Resources from $61.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, April 2nd. Citigroup dropped their target price on shares of Matador Resources from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday. Zacks Research cut 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 price target on shares of Matador Resources from $54.00 to $63.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley decreased 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. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Matador Resources currently has a consensus rating of "Moderate Buy" and an average price target of $63.77.

Insider Activity at Matador Resources

In other news, CEO Joseph Wm Foran bought 2,000 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were acquired at an average cost of $53.07 per share, with a total value of $106,140.00. Following the completion of the transaction, the chief executive officer owned 11,479 shares of the company's stock, valued at approximately $609,190.53. This trade represents a 21.10% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Glenn W. Stetson purchased 500 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were purchased at an average price of $53.41 per share, with a total value of $26,705.00. Following the completion of the purchase, 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 disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 11,907 shares of company stock worth $635,712. 5.90% of the stock is owned by insiders.

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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