Matador Resources (NYSE:MTDR) Coverage Initiated at Bank of America

Research analysts at Bank of America began coverage on shares of Matador Resources (NYSE:MTDR) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $56.00 price target on the energy company’s stock. Bank of America‘s price objective would indicate a potential upside of 25.87% from the stock’s previous close.

Several other research firms also recently issued reports on MTDR. Wells Fargo & Company dropped their price objective on Matador Resources from $86.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Morgan Stanley lowered their price target on Matador Resources from $84.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. KeyCorp lowered their price target on Matador Resources from $72.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Stephens lowered their price target on Matador Resources from $90.00 to $86.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Finally, Raymond James lowered their price target on Matador Resources from $77.00 to $67.00 and set an “outperform” rating for the company in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.44.

Matador Resources Stock Performance

NYSE MTDR opened at $44.49 on Monday. The firm has a market capitalization of $5.57 billion, a P/E ratio of 6.23 and a beta of 1.47. Matador Resources has a 1-year low of $35.19 and a 1-year high of $66.89. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.93 and a quick ratio of 0.84. The business’s 50-day simple moving average is $44.24 and its 200-day simple moving average is $52.37.

Matador Resources (NYSE:MTDR) last released its quarterly earnings data on Wednesday, April 23rd. The energy company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.25. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $980.87 million. Matador Resources had a return on equity of 18.52% and a net margin of 25.26%. The company’s revenue was up 28.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.71 EPS. Equities analysts predict that Matador Resources will post 8.53 EPS for the current year.

Matador Resources announced that its Board of Directors has authorized a stock buyback plan on Wednesday, April 23rd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the energy company to reacquire up to 7.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Matador Resources news, CEO Joseph Wm Foran purchased 6,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were purchased at an average cost of $53.94 per share, with a total value of $323,640.00. Following the completion of the transaction, the chief executive officer now owns 39,379 shares of the company’s stock, valued at approximately $2,124,103.26. This represents a 17.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Glenn W. Stetson purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were acquired at an average cost of $53.06 per share, for a total transaction of $53,060.00. Following the completion of the transaction, the executive vice president now directly owns 91,680 shares of the company’s stock, valued at $4,864,540.80. This trade represents a 1.10% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 36,200 shares of company stock valued at $1,701,872 over the last three months. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. United Services Automobile Association bought a new stake in shares of Matador Resources during the 1st quarter worth about $383,000. Jones Financial Companies Lllp boosted its stake in shares of Matador Resources by 1,104.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,012 shares of the energy company’s stock worth $103,000 after acquiring an additional 1,845 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Matador Resources during the 1st quarter worth about $1,712,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Matador Resources by 381.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 117,530 shares of the energy company’s stock worth $6,005,000 after acquiring an additional 93,118 shares in the last quarter. Finally, Hancock Whitney Corp boosted its stake in shares of Matador Resources by 52.7% during the 1st quarter. Hancock Whitney Corp now owns 44,662 shares of the energy company’s stock worth $2,282,000 after acquiring an additional 15,423 shares in the last quarter. 91.98% of the stock is owned by institutional investors and hedge funds.

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.