T. Rowe Price Investment Management Inc. Lowers Stock Position in Matador Resources Company $MTDR

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Matador Resources Company by 7.9%, now holding approximately 3.5 million shares valued at $178.8 million.
• CEO Joseph Wm Foran purchased 5,000 shares of Matador Resources stock, increasing his stake by over 311%, indicating significant insider confidence.
• Recent analyst reports show a consensus price target of $67.60 for Matador Resources, with several firms raising their price targets for the stock.

T. Rowe Price Investment Management Inc. lessened its holdings in Matador Resources Company (NYSE:MTDR - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,499,388 shares of the energy company's stock after selling 299,188 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.79% of Matador Resources worth $178,784,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MCF Advisors LLC purchased a new stake in shares of Matador Resources in the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in Matador Resources in the 1st quarter worth $28,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Matador Resources in the 1st quarter worth $50,000. Rakuten Securities Inc. increased its holdings in Matador Resources by 9,090.9% in the 1st quarter. Rakuten Securities Inc. now owns 1,011 shares of the energy company's stock worth $52,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Mpwm Advisory Solutions LLC purchased a new stake in Matador Resources in the 4th quarter worth $68,000. Hedge funds and other institutional investors own 91.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MTDR. UBS Group cut their target price on shares of Matador Resources from $49.00 to $48.00 and set a "neutral" rating for the company in a research note on Wednesday. Bank of America began coverage on Matador Resources in a research note on Monday, May 19th. They set a "buy" rating and a $56.00 price objective for the company. Wells Fargo & Company cut their price objective on Matador Resources from $80.00 to $74.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Morgan Stanley boosted their price objective on Matador Resources from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Monday, August 18th. Finally, Raymond James Financial boosted their price target on Matador Resources from $60.00 to $63.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $67.60.

Insider Buying and Selling at Matador Resources

In other news, CEO Joseph Wm Foran purchased 2,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $46.25 per share, with a total value of $92,500.00. Following the purchase, the chief executive officer directly owned 8,606 shares in the company, valued at approximately $398,027.50. This represents a 30.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 5.80% of the stock is currently owned by company insiders.

Matador Resources Trading Up 4.2%

NYSE:MTDR traded up $1.9330 during trading hours on Friday, hitting $48.2730. The company had a trading volume of 1,222,721 shares, compared to its average volume of 1,638,780. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $49.40 and a 200 day moving average of $47.63. The company has a market cap of $6.01 billion, a P/E ratio of 7.07 and a beta of 1.49. Matador Resources Company has a 1 year low of $35.19 and a 1 year high of $64.04.

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

Matador Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid 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 2.6%. Matador Resources's dividend payout ratio is 18.30%.

Matador Resources Company 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.