Matador Resources (NYSE:MTDR) Upgraded by Truist Financial to “Buy” Rating

Matador Resources (NYSE:MTDR) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a $67.00 price target on the energy company’s stock, up from their prior price target of $60.00. Truist Financial’s price target suggests a potential upside of 18.78% from the stock’s previous close.

A number of other brokerages have also recently commented on MTDR. TD Cowen upped their target price on shares of Matador Resources from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Zacks Research raised shares of Matador Resources from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 8th. Weiss Ratings raised shares of Matador Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, April 27th. Wells Fargo & Company increased their price target on shares of Matador Resources from $54.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Finally, Morgan Stanley cut their price target on shares of Matador Resources from $56.00 to $52.00 and set an “equal weight” rating for the company in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Matador Resources presently has an average rating of “Moderate Buy” and an average price target of $63.46.

Matador Resources Price Performance

Shares of NYSE:MTDR opened at $56.41 on Tuesday. The company has a 50-day simple moving average of $58.95 and a 200-day simple moving average of $48.73. Matador Resources has a one year low of $37.14 and a one year high of $66.84. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.70 and a current ratio of 0.73. The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.73 and a beta of 0.81.

Matador Resources (NYSE:MTDR) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.29. Matador Resources had a net margin of 14.41% and a return on equity of 11.20%. The business had revenue of $941.60 million during the quarter, compared to analysts’ expectations of $871.57 million. During the same period in the prior year, the company earned $1.99 earnings per share. The business’s revenue was down 33.8% compared to the same quarter last year. On average, analysts predict that Matador Resources will post 7.25 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its holdings in Matador Resources by 184.9% in 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 in the last quarter. Thrivent Financial for Lutherans increased its holdings in Matador Resources by 3.8% in the third quarter. Thrivent Financial for Lutherans now owns 1,032,602 shares of the energy company’s stock valued at $46,395,000 after buying an additional 37,889 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in Matador Resources in the third quarter valued at about $61,615,000. Neo Ivy Capital Management purchased a new position in Matador Resources in the third quarter valued at about $871,000. Finally, Aquatic Capital Management LLC increased its holdings in Matador Resources by 264.8% in the third quarter. Aquatic Capital Management LLC now owns 111,727 shares of the energy company’s stock valued at $5,020,000 after buying an additional 81,102 shares in the last quarter. 91.98% of the stock is owned by hedge funds and other institutional investors.

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.