Morgan Stanley Increases Matador Resources (NYSE:MTDR) Price Target to $62.00

Key Points

• Morgan Stanley has increased the price target for Matador Resources (NYSE:MTDR) from $60.00 to $62.00, indicating a potential upside of 34.43% from the current stock price.
• Recently, several analysts have provided updates on Matador, with UBS raising their price target to $48.00 and Mizuho lowering theirs to $73.00, while the overall consensus rating remains a "Moderate Buy".
• Matador Resources reported $1.53 earnings per share for the last quarter, surpassing estimates, and has also initiated a stock buyback program of $400 million to repurchase up to 7.8% of its shares, suggesting the stock may be undervalued.

Matador Resources (NYSE:MTDR - Get Free Report) had its price objective lifted by equities researchers at Morgan Stanley from $60.00 to $62.00 in a report released on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the energy company's stock. Morgan Stanley's price target would suggest a potential upside of 34.43% from the stock's current price.

A number of other analysts have also recently commented on MTDR. UBS Group lifted their price objective on Matador Resources from $46.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Mizuho dropped their price objective on Matador Resources from $74.00 to $73.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. KeyCorp lifted 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. TD Cowen upgraded Matador Resources to a "strong-buy" rating in a report on Monday, July 7th. Finally, Bank of America assumed coverage on shares of Matador Resources in a report on Monday, May 19th. They set a "buy" rating and a $56.00 price objective on the stock. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $67.60.

Matador Resources Stock Down 1.7%

Shares of Matador Resources stock traded down $0.78 on Monday, reaching $46.12. 54,275 shares of the company were exchanged, compared to its average volume of 1,707,841. 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 has a 1-year low of $35.19 and a 1-year high of $64.04. The stock's 50 day moving average price is $49.63 and its 200-day moving average price is $47.95. The company has a market cap of $5.74 billion, a P/E ratio of 6.75 and a beta of 1.49.

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

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

Insider Activity

In other news, CEO Joseph Wm Foran acquired 5,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $49.17 per share, for a total transaction of $245,850.00. Following the completion of the acquisition, the chief executive officer directly owned 6,606 shares in the company, valued at $324,817.02. This represents a 311.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.80% of the company's stock.

Hedge Funds Weigh In On Matador Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Corient Private Wealth LLC lifted its stake in Matador Resources by 12.9% in the 2nd quarter. Corient Private Wealth LLC now owns 22,235 shares of the energy company's stock worth $1,061,000 after acquiring an additional 2,548 shares in the last quarter. Vident Advisory LLC raised its stake in shares of Matador Resources by 8.6% during the 2nd quarter. Vident Advisory LLC now owns 17,717 shares of the energy company's stock worth $845,000 after purchasing an additional 1,406 shares in the last quarter. Snowden Capital Advisors LLC grew its stake in shares of Matador Resources by 27.1% in the 2nd quarter. Snowden Capital Advisors LLC now owns 11,147 shares of the energy company's stock valued at $532,000 after buying an additional 2,376 shares in the last quarter. Rafferty Asset Management LLC grew its stake in shares of Matador Resources by 2.3% in the 2nd quarter. Rafferty Asset Management LLC now owns 113,755 shares of the energy company's stock valued at $5,428,000 after buying an additional 2,556 shares in the last quarter. Finally, G.F.W. Energy XII L.P. bought a new position in shares of Matador Resources in the 2nd quarter valued at approximately $3,414,000. Institutional investors and hedge funds own 91.98% of the company's stock.

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.

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