Royal Bank of Canada Trims Position in Matador Resources Company $MTDR

Key Points

• Royal Bank of Canada reduced its Matador Resources stake by 9.7% in the first quarter, selling 43,972 shares and retaining 410,339 shares valued at approximately $25.9 million. Institutional investors collectively own 91.98% of the company.
• Matador’s executives have been buying shares, including the COO and CFO, with insiders acquiring 11,907 shares worth $635,712 over the past three months. Insiders own 5.90% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $66, compared with a recent share price of $48.78. The company also reported better-than-expected quarterly earnings and declared a $0.375 quarterly dividend, yielding about 3.1% annually.

Royal Bank of Canada trimmed its stake in Matador Resources Company (NYSE:MTDR - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 410,339 shares of the energy company's stock after selling 43,972 shares during the period. Royal Bank of Canada owned about 0.33% of Matador Resources worth $25,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in MTDR. Peterson Wealth Services grew its stake in Matador Resources by 333.7% in the fourth quarter. Peterson Wealth Services now owns 51,356 shares of the energy company's stock worth $2,180,000 after purchasing an additional 39,516 shares in the last quarter. Morningstar Investment Management LLC purchased a new position in Matador Resources during the 1st quarter worth $2,630,000. Thrivent Financial for Lutherans increased its holdings in Matador Resources by 2.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,054,232 shares of the energy company's stock worth $44,742,000 after purchasing an additional 21,630 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Matador Resources by 17.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 233,212 shares of the energy company's stock valued at $9,898,000 after purchasing an additional 35,366 shares in the last quarter. Finally, Copeland Capital Management LLC raised its position in Matador Resources by 19.6% during the 4th quarter. Copeland Capital Management LLC now owns 1,426,505 shares of the energy company's stock valued at $60,541,000 after purchasing an additional 233,423 shares in the last quarter. 91.98% of the stock is currently owned by institutional investors.

Insider Transactions at Matador Resources

In other Matador Resources news, COO Glenn W. Stetson purchased 500 shares of Matador Resources stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average cost of $53.41 per share, with a total value of $26,705.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Christopher P. Calvert acquired 1,500 shares of the stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $53.24 per share, with a total value of $79,860.00. Following the transaction, the chief financial officer directly owned 41,500 shares in the company, valued at approximately $2,209,460. This represents a 3.75% 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 acquired 11,907 shares of company stock valued at $635,712. Corporate insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group cut their price target on Matador Resources from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Wells Fargo & Company upped their price objective on shares of Matador Resources from $54.00 to $63.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. Mizuho upgraded shares of Matador Resources to a "strong-buy" rating in a report on Friday, July 31st. Weiss Ratings downgraded shares of Matador Resources from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, May 12th. Finally, Citigroup reduced their price target on shares of Matador Resources from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.00.

Matador Resources Stock Performance

Shares of Matador Resources stock opened at $48.78 on Wednesday. The company has a market capitalization of $6.06 billion, a PE ratio of 12.54 and a beta of 0.76. The company has a 50-day simple moving average of $51.75 and a two-hundred day simple moving average of $53.59. Matador Resources Company has a one year low of $37.14 and a one year high of $66.84. 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 (NYSE:MTDR - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $871.57 million. Matador Resources had a net margin of 14.41% and a return on equity of 11.20%. The company's revenue was down 33.8% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. Research analysts expect that Matador Resources Company will post 6.96 EPS for the current fiscal year.

Matador Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 10th will be issued a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, August 10th. 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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