Peregrine Capital Management LLC Takes $6.54 Million Position in Matador Resources Company $MTDR

Key Points

• Peregrine Capital Management opened a new position in Matador Resources during the first quarter, buying 103,473 shares worth about $6.54 million.
• Insiders have also been buying, with COO Glenn W. Stetson and CFO Christopher P. Calvert both making recent purchases; insiders now own about 5.9% of the company.
• Analysts remain broadly constructive on MTDR, with a Moderate Buy consensus and an average price target of $64.38, while the stock recently traded at $49.01 after a better-than-expected quarterly earnings report and a quarterly dividend of $0.375 per share.

Peregrine Capital Management LLC bought a new stake in Matador Resources Company (NYSE:MTDR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 103,473 shares of the energy company's stock, valued at approximately $6,537,000. Peregrine Capital Management LLC owned 0.08% of Matador Resources as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. MQS Management LLC purchased a new stake in Matador Resources during the 1st quarter worth approximately $722,000. Pictet Asset Management Holding SA lifted its position in shares of Matador Resources by 7.7% in the first quarter. Pictet Asset Management Holding SA now owns 19,896 shares of the energy company's stock valued at $1,257,000 after acquiring an additional 1,417 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of Matador Resources by 4.4% in the first quarter. Sterling Capital Management LLC now owns 66,662 shares of the energy company's stock valued at $4,212,000 after acquiring an additional 2,804 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Matador Resources in the first quarter worth approximately $256,000. Finally, Aaron Wealth Advisors LLC acquired a new stake in shares of Matador Resources in the first quarter worth approximately $210,000. Hedge funds and other institutional investors own 91.98% of the company's stock.

Insider Activity

In other news, COO Glenn W. Stetson acquired 500 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average price of $53.41 per share, with a total value of $26,705.00. Following the completion of the acquisition, the chief operating officer owned 95,470 shares of the company's stock, valued at $5,099,052.70. This trade represents a 0.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Christopher P. Calvert bought 1,500 shares of Matador Resources stock in a transaction 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 $2,209,460. This trade represents a 3.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 11,907 shares of company stock valued at $635,712. 5.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on MTDR shares. KeyCorp increased their price objective on Matador Resources from $61.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, April 2nd. UBS Group lifted their target price on shares of Matador Resources from $50.00 to $52.00 and gave the stock a "neutral" rating in a research note on Thursday, March 5th. Wells Fargo & Company upped their target price on shares of Matador Resources from $54.00 to $63.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Zacks Research cut shares of Matador Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, BMO Capital Markets raised their price target on shares of Matador Resources from $65.00 to $72.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.38.

Matador Resources Price Performance

NYSE:MTDR opened at $49.01 on Thursday. Matador Resources Company has a one year low of $37.14 and a one year high of $66.84. The stock has a market cap of $6.09 billion, a PE ratio of 12.60 and a beta of 0.74. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.70 and a current ratio of 0.73. The stock has a 50 day moving average price of $55.53 and a 200 day moving average price of $52.08.

Matador Resources (NYSE:MTDR - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.29. The company had revenue of $941.60 million for the quarter, compared to analyst estimates of $871.57 million. Matador Resources had a return on equity of 11.20% and a net margin of 14.41%.The firm's revenue for the quarter was down 33.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.99 earnings per share. Equities research analysts expect that Matador Resources Company will post 7.25 EPS for the current fiscal year.

Matador Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 8th were issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, May 8th. Matador Resources's payout ratio is currently 38.56%.

Matador Resources 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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