Matador Resources (NYSE:MTDR) Given New $62.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has increased Matador Resources' price target from $60.00 to $62.00, indicating a potential upside of 37.62% from the previous close, while maintaining an "outperform" rating.
• Various analysts have differing views, with Wells Fargo reducing their target to $74.00 and Raymond James increasing theirs to $63.00, showing a consensus price target of $66.50 among analysts.
• Matador Resources reported an EPS of $1.53 for the latest quarter, surpassing expectations, with a year-over-year revenue increase of 8.2%.

Matador Resources (NYSE:MTDR - Get Free Report) had its price target hoisted by stock analysts at Royal Bank Of Canada from $60.00 to $62.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the energy company's stock. Royal Bank Of Canada's target price would suggest a potential upside of 37.62% from the company's previous close.

A number of other research firms also recently commented on MTDR. Wells Fargo & Company dropped their price objective on Matador Resources from $80.00 to $74.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Weiss Ratings restated a "hold (c)" rating on shares of Matador Resources in a report on Saturday, September 27th. TD Cowen raised shares of Matador Resources to a "strong-buy" rating in a research report on Monday, July 7th. William Blair began coverage on shares of Matador Resources in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Raymond James Financial increased their price target on Matador Resources from $60.00 to $63.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $66.50.

Matador Resources Price Performance

Shares of NYSE:MTDR traded up $0.78 during trading on Wednesday, hitting $45.05. 128,726 shares of the stock were exchanged, compared to its average volume of 1,680,230. Matador Resources has a 12-month low of $35.19 and a 12-month high of $64.04. 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 fifty day moving average price of $47.52 and a two-hundred day moving average price of $46.60. The company has a market cap of $5.61 billion, a PE ratio of 6.60 and a beta of 1.41.

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

Insider Buying and Selling

In other news, EVP William Thomas Elsener purchased 600 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average cost of $48.46 per share, for a total transaction of $29,076.00. Following the completion of the purchase, the executive vice president owned 112,069 shares of the company's stock, valued at approximately $5,430,863.74. This trade represents a 0.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Wm Foran bought 5,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $49.17 per share, for a total transaction of $245,850.00. Following the acquisition, the chief executive officer directly owned 6,606 shares of the company's stock, valued at $324,817.02. The trade was a 311.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 11,380 shares of company stock worth $549,188. Corporate insiders own 5.80% of the company's stock.

Hedge Funds Weigh In On Matador Resources

Large investors have recently bought and sold shares of the business. MAI Capital Management boosted its position in shares of Matador Resources by 13.9% in the second quarter. MAI Capital Management now owns 1,726 shares of the energy company's stock valued at $82,000 after acquiring an additional 210 shares during the period. Beacon Pointe Advisors LLC boosted its position in shares of Matador Resources by 4.3% in the second quarter. Beacon Pointe Advisors LLC now owns 5,281 shares of the energy company's stock valued at $252,000 after acquiring an additional 216 shares during the period. ProShare Advisors LLC boosted its position in shares of Matador Resources by 4.5% in the second quarter. ProShare Advisors LLC now owns 5,163 shares of the energy company's stock valued at $246,000 after acquiring an additional 220 shares during the period. Concurrent Investment Advisors LLC boosted its position in shares of Matador Resources by 0.4% in the first quarter. Concurrent Investment Advisors LLC now owns 55,482 shares of the energy company's stock valued at $2,835,000 after acquiring an additional 244 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Matador Resources by 93.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 554 shares of the energy company's stock valued at $26,000 after acquiring an additional 267 shares during the period. Institutional investors own 91.98% of the company's stock.

About Matador Resources

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.

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