Morgan Stanley Lowers Matador Resources (NYSE:MTDR) Price Target to $66.00

Key Points

• Morgan Stanley cut its price target on Matador Resources from $75 to $66 and kept an equal weight rating on the stock.
• Despite the reduction, the new target still implies about 31.75% upside from Matador’s current share price, and the broader analyst consensus remains Moderate Buy with an average target of $64.38.
• Matador shares were up slightly to $50.09 on the day, while the company recently beat earnings estimates with $1.53 EPS and revenue of $941.6 million; insiders have also been buying shares.

Matador Resources (NYSE:MTDR - Get Free Report) had its target price reduced by research analysts at Morgan Stanley from $75.00 to $66.00 in a report issued on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the energy company's stock. Morgan Stanley's price objective would suggest a potential upside of 31.75% from the company's current price.

A number of other brokerages also recently commented on MTDR. Wells Fargo & Company increased their price target on Matador Resources from $54.00 to $63.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. BMO Capital Markets upped their price objective on Matador Resources from $65.00 to $72.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. TD Cowen lifted their target price on Matador Resources from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Roth Mkm raised shares of Matador Resources from a "neutral" rating to a "buy" rating and set a $65.00 price target on the stock in a report on Monday, June 22nd. Finally, Mizuho increased their price target on shares of Matador Resources from $74.00 to $77.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $64.38.

Matador Resources Stock Up 0.4%

Shares of MTDR traded up $0.20 during trading hours on Monday, reaching $50.09. 903,852 shares of the stock traded hands, compared to its average volume of 1,852,983. The company has a current ratio of 0.73, a quick ratio of 0.70 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $55.98 and a 200 day simple moving average of $51.98. Matador Resources has a 52 week low of $37.14 and a 52 week high of $66.84. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 12.90 and a beta of 0.75.

Matador Resources (NYSE:MTDR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.24 by $0.29. Matador Resources had a net margin of 14.41% and a return on equity of 11.20%. The firm had revenue of $941.60 million during the quarter, compared to analyst estimates of $871.57 million. During the same quarter last year, the business posted $1.99 EPS. The company's revenue for the quarter was down 33.8% on a year-over-year basis. On average, equities analysts forecast that Matador Resources will post 7.45 EPS for the current year.

Insider Activity

In other Matador Resources news, CFO Christopher P. Calvert purchased 1,500 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $53.24 per share, for a total transaction of $79,860.00. Following the purchase, the chief financial officer owned 41,500 shares of the company's stock, valued at $2,209,460. This represents a 3.75% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Wm Foran acquired 2,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was acquired at an average cost of $53.07 per share, with a total value of $106,140.00. Following the completion of the acquisition, the chief executive officer owned 11,479 shares in the company, valued at $609,190.53. This trade represents a 21.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 11,907 shares of company stock valued at $635,712 over the last quarter. Company insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in shares of Matador Resources during the 1st quarter worth $27,000. Kestra Investment Management LLC raised its position in Matador Resources by 225.2% during the second quarter. Kestra Investment Management LLC now owns 517 shares of the energy company's stock valued at $25,000 after purchasing an additional 358 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in Matador Resources during the first quarter worth about $41,000. Altshuler Shaham Ltd boosted its holdings in shares of Matador Resources by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 748 shares of the energy company's stock worth $47,000 after purchasing an additional 201 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of Matador Resources in the 3rd quarter worth about $35,000. Hedge funds and other institutional investors own 91.98% of the company's stock.

Matador Resources Company Profile

Matador Resources Company is an independent energy firm primarily engaged in the exploration, development and production of oil, natural gas liquids (NGLs) and natural gas. The company focuses on upstream operations, utilizing horizontal drilling and hydraulic fracturing techniques to unlock hydrocarbons from key reservoirs. Its asset base includes both operated and non‐operated positions, with a particular emphasis on the Permian Basin, one of the most prolific oil-producing regions in North America.

Matador's core operations are concentrated in the Delaware Basin segment of the Permian Basin, where it holds substantial acreage in both Reeves and Culberson counties in West Texas and Eddy and Lea counties in New Mexico.

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