Prudential PLC Purchases New Stake in Matador Resources Company $MTDR

Key Points

• Prudential PLC has acquired a new stake in Matador Resources Company, purchasing 14,321 shares valued at approximately $732,000 during the 1st quarter.
• CEO Joseph Wm Foran bought 5,000 shares at $49.17 each, increasing his ownership by 311.33% and bringing his total holdings to 6,606 shares.
• Matador Resources has announced a share buyback plan of $400 million, allowing it to repurchase up to 7.8% of its stock, indicating management's belief that shares are undervalued.

Prudential PLC bought a new position in shares of Matador Resources Company (NYSE:MTDR - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 14,321 shares of the energy company's stock, valued at approximately $732,000.

Several other large investors have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in shares of Matador Resources by 17.8% in the 4th quarter. Wells Fargo & Company MN now owns 45,790 shares of the energy company's stock valued at $2,576,000 after buying an additional 6,933 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Matador Resources during the 4th quarter worth $22,509,000. Townsquare Capital LLC acquired a new stake in Matador Resources during the 4th quarter worth $251,000. Mariner LLC boosted its stake in Matador Resources by 6.7% during the 4th quarter. Mariner LLC now owns 25,078 shares of the energy company's stock worth $1,411,000 after purchasing an additional 1,573 shares during the period. Finally, Marshall Wace LLP boosted its stake in Matador Resources by 52.6% during the 4th quarter. Marshall Wace LLP now owns 6,374 shares of the energy company's stock worth $359,000 after purchasing an additional 2,196 shares during the period. 91.98% of the stock is owned by hedge funds and other institutional investors.

Matador Resources Trading Up 0.1%

Shares of MTDR traded up $0.0450 during mid-day trading on Thursday, hitting $46.2850. The company had a trading volume of 1,480,925 shares, compared to its average volume of 1,712,461. The business's 50-day simple moving average is $49.47 and its 200-day simple moving average is $47.77. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.57. Matador Resources Company has a 1-year low of $35.19 and a 1-year high of $64.04. The stock has a market cap of $5.76 billion, a PE ratio of 6.78 and a beta of 1.49.

Matador Resources (NYSE:MTDR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The energy company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.24. Matador Resources had a net margin of 22.57% and a return on equity of 16.53%. The business had revenue of $895.31 million for the quarter, compared to analysts' expectations of $892.86 million. During the same period last year, the company earned $2.05 earnings per share. The company's quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts forecast that Matador Resources Company will post 8.53 earnings per share for the current year.

Matador Resources announced that its board has initiated a stock buyback program on Wednesday, April 23rd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the energy company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Matador Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.3125 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.25 annualized dividend and a dividend yield of 2.7%. Matador Resources's dividend payout ratio (DPR) is currently 18.30%.

Insider Activity

In related news, CEO Joseph Wm Foran bought 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $46.25 per share, with a total value of $92,500.00. Following the completion of the transaction, the chief executive officer owned 8,606 shares of the company's stock, valued at approximately $398,027.50. The trade was a 30.28% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 5.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Bank of America assumed coverage on shares of Matador Resources in a research note on Monday, May 19th. They set a "buy" rating and a $56.00 price target for the company. TD Cowen upgraded shares of Matador Resources to a "strong-buy" rating in a research note on Monday, July 7th. Raymond James Financial increased their price target on shares of Matador Resources from $60.00 to $63.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Wells Fargo & Company cut their price objective on shares of Matador Resources from $80.00 to $74.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Finally, Mizuho cut their price target on shares of Matador Resources from $74.00 to $73.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.60.

Matador Resources 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.