Thornburg Investment Management Inc. Sells 12,501 Shares of Matador Resources Company (NYSE:MTDR)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Matador Resources by 7.4%, bringing its total holdings to approximately $7.97 million after selling 12,501 shares in the first quarter.
• Matador Resources reported earnings per share (EPS) of $1.53 for the last quarter, exceeding the consensus estimate of $1.29, alongside a revenue of $895.31 million.
• The company also announced a share buyback plan allowing it to repurchase up to $400 million of its stock, indicative of the board's belief that the shares are undervalued.

Thornburg Investment Management Inc. lessened its holdings in Matador Resources Company (NYSE:MTDR - Free Report) by 7.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,977 shares of the energy company's stock after selling 12,501 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.12% of Matador Resources worth $7,969,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. acquired a new position in Matador Resources in the first quarter worth $263,000. GAMMA Investing LLC lifted its holdings in Matador Resources by 42.8% in the 1st quarter. GAMMA Investing LLC now owns 2,698 shares of the energy company's stock valued at $138,000 after acquiring an additional 809 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Matador Resources in the 1st quarter valued at about $885,000. Delphi Management Inc. MA raised its holdings in Matador Resources by 118.6% during the 1st quarter. Delphi Management Inc. MA now owns 23,302 shares of the energy company's stock worth $1,190,000 after buying an additional 12,642 shares during the period. Finally, OneDigital Investment Advisors LLC acquired a new stake in Matador Resources during the 1st quarter worth about $200,000. Institutional investors and hedge funds own 91.98% of the company's stock.

Insiders Place Their Bets

In other Matador Resources news, CEO Joseph Wm Foran acquired 2,500 shares of Matador Resources stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $39.63 per share, with a total value of $99,075.00. Following the completion of the purchase, the chief executive officer directly owned 60,756 shares in the company, valued at $2,407,760.28. This trade represents a 4.29% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders bought 5,300 shares of company stock valued at $210,993 over the last quarter. Company insiders own 5.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTDR. Bank of America began coverage on Matador Resources in a report on Monday, May 19th. They issued a "buy" rating and a $56.00 target price on the stock. Mizuho lowered their target price on Matador Resources from $74.00 to $73.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company lowered their price objective on Matador Resources from $80.00 to $74.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Raymond James Financial raised their target price on Matador Resources from $60.00 to $63.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, JPMorgan Chase & Co. cut their price objective on Matador Resources from $65.00 to $61.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

Matador Resources Stock Performance

NYSE MTDR traded down $2.05 on Friday, reaching $47.83. The stock had a trading volume of 1,894,930 shares, compared to its average volume of 1,724,295. The firm has a fifty day moving average of $48.99 and a two-hundred day moving average of $49.26. The company has a market cap of $5.95 billion, a P/E ratio of 7.00 and a beta of 1.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.85 and a quick ratio of 0.81. 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 released its earnings results on Tuesday, July 22nd. The energy company reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.29 by $0.24. The firm had revenue of $895.31 million during the quarter, compared to the consensus estimate of $892.86 million. Matador Resources had a return on equity of 16.53% and a net margin of 22.57%. The company's revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 EPS. On average, equities research analysts anticipate that Matador Resources Company will post 8.53 EPS for the current year.

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

Matador Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors 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 yield of 2.6%. Matador Resources's dividend payout ratio (DPR) 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.