Vestcor Inc Invests $403,000 in Matador Resources Company (NYSE:MTDR)

Key Points

• Vestcor Inc has purchased 7,895 shares of Matador Resources Company, valued at approximately $403,000, reflecting growing institutional interest in the stock.
• Matador Resources reported a quarterly earnings per share (EPS) of $1.53, surpassing analysts' expectations, alongside a revenue increase of 8.2% year-over-year.
• The company declared a quarterly dividend of $0.3125 per share, with a yield of 2.6%, and has approved a stock buyback plan allowing for the repurchase of up to $400 million worth of shares.

Vestcor Inc bought a new position in shares of Matador Resources Company (NYSE:MTDR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,895 shares of the energy company's stock, valued at approximately $403,000.

Other institutional investors also recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in shares of Matador Resources in the first quarter valued at about $471,000. Fiera Capital Corp grew its holdings in Matador Resources by 1.7% in the 1st quarter. Fiera Capital Corp now owns 61,077 shares of the energy company's stock valued at $3,120,000 after buying an additional 1,034 shares during the last quarter. LPL Financial LLC increased its position in Matador Resources by 21.7% in the 1st quarter. LPL Financial LLC now owns 81,175 shares of the energy company's stock worth $4,147,000 after buying an additional 14,461 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Matador Resources by 6.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,013 shares of the energy company's stock worth $1,687,000 after buying an additional 2,031 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its position in shares of Matador Resources by 24.7% in the first quarter. Heartland Advisors Inc. now owns 133,838 shares of the energy company's stock valued at $6,838,000 after acquiring an additional 26,501 shares during the period. 91.98% of the stock is currently owned by institutional investors.

Insider Activity at Matador Resources

In other news, CEO Joseph Wm Foran acquired 5,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $49.17 per share, for a total transaction of $245,850.00. Following the completion of the transaction, the chief executive officer directly owned 6,606 shares in the company, valued at $324,817.02. This trade represents a 311.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Raymond James Financial boosted their target price on shares of Matador Resources from $60.00 to $63.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. cut their price objective on shares of Matador Resources from $65.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. TD Cowen raised Matador Resources to a "strong-buy" rating in a research report on Monday, July 7th. Royal Bank Of Canada cut their price target on Matador Resources from $70.00 to $62.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Finally, KeyCorp raised their price objective on Matador Resources from $60.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $68.00.

Matador Resources Price Performance

MTDR stock traded up $0.15 during midday trading on Tuesday, reaching $47.81. 2,388,387 shares of the company's stock traded hands, compared to its average volume of 1,959,772. The company has a 50-day simple moving average of $49.16 and a two-hundred day simple moving average of $48.85. 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 company has a market cap of $5.95 billion, a price-to-earnings ratio of 7.00 and a beta of 1.49.

Matador Resources (NYSE:MTDR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The energy company reported $1.53 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $892.86 million. During the same quarter in the prior year, the business earned $2.05 earnings per share. The business's revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts anticipate that Matador Resources Company will post 8.53 earnings per share for the current year.

Matador Resources announced that its board has authorized a share buyback program on Wednesday, April 23rd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the energy company to purchase up to 7.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Matador Resources Dividend Announcement

The business 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 dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. 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.