Truist Financial Cuts Matador Resources (NYSE:MTDR) Price Target to $63.00

Key Points

• Truist Financial cut its price target on Matador Resources from $67 to $63, while keeping a buy rating. The new target still implies roughly 18% upside from the stock’s current price.
• Analyst sentiment remains generally positive, with 11 buy ratings and 5 hold ratings, giving Matador a consensus Moderate Buy and average target price of $64.08.
• Matador reported better-than-expected quarterly earnings, posting $1.53 EPS versus $1.24 expected and revenue of $941.6 million versus $871.6 million estimated, even as revenue declined year over year.

Matador Resources (NYSE:MTDR - Get Free Report) had its price target cut by Truist Financial from $67.00 to $63.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the energy company's stock. Truist Financial's price target would suggest a potential upside of 17.95% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Weiss Ratings lowered shares of Matador Resources from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, May 12th. Mizuho increased their target price on Matador Resources from $74.00 to $77.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Citigroup reduced their price objective on shares of Matador Resources from $77.00 to $72.00 and set a "buy" rating on the stock in a research note on Tuesday, May 26th. BMO Capital Markets boosted their target price on shares of Matador Resources from $65.00 to $72.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Finally, Zacks Research lowered shares of Matador Resources from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.08.

Matador Resources Trading Up 1.5%

Shares of MTDR stock traded up $0.77 during mid-day trading on Thursday, reaching $53.41. The company's stock had a trading volume of 176,800 shares, compared to its average volume of 1,836,263. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $6.63 billion, a PE ratio of 13.75 and a beta of 0.74. The company's 50 day simple moving average is $53.65 and its 200-day simple moving average is $52.75. Matador Resources has a 12-month low of $37.14 and a 12-month high of $66.84.

Matador Resources (NYSE:MTDR - Get Free Report) last released 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 return on equity of 11.20% and a net margin of 14.41%.The company had revenue of $941.60 million for the quarter, compared to analyst estimates of $871.57 million. During the same period last year, the company posted $1.99 earnings per share. The firm's revenue was down 33.8% compared to the same quarter last year. On average, research analysts predict that Matador Resources will post 7.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Christopher P. Calvert acquired 1,500 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $53.24 per share, for a total transaction of $79,860.00. Following the completion of the purchase, the chief financial officer directly owned 41,500 shares in the company, valued at $2,209,460. This trade represents a 3.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph Wm Foran bought 4,675 shares of the stock in a transaction on Wednesday, May 27th. The shares were bought at an average cost of $52.36 per share, for a total transaction of $244,783.00. Following the purchase, the chief executive officer owned 6,997 shares in the company, valued at $366,362.92. This trade represents a 201.34% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 11,907 shares of company stock worth $635,712. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its position in Matador Resources by 184.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 30,836 shares of the energy company's stock valued at $1,309,000 after buying an additional 20,011 shares during the period. Wedge Capital Management L L P NC boosted its holdings in shares of Matador Resources by 25.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 78,035 shares of the energy company's stock worth $3,312,000 after purchasing an additional 15,859 shares during the period. Peterson Wealth Services boosted its stake in shares of Matador Resources by 333.7% during the 4th quarter. Peterson Wealth Services now owns 51,356 shares of the energy company's stock valued at $2,180,000 after buying an additional 39,516 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Matador Resources by 2.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,054,232 shares of the energy company's stock worth $44,742,000 after acquiring an additional 21,630 shares during the last quarter. Finally, Value Holdings Management CO. LLC raised its holdings in shares of Matador Resources by 10.9% during the fourth quarter. Value Holdings Management CO. LLC now owns 768,308 shares of the energy company's stock worth $32,607,000 after acquiring an additional 75,300 shares in the last quarter. Institutional investors own 91.98% of the company's stock.

About Matador Resources

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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