Wells Fargo & Company Forecasts Strong Price Appreciation for Matador Resources (NYSE:MTDR) Stock

Matador Resources (NYSE:MTDR) had its price target boosted by analysts at Wells Fargo & Company from $54.00 to $63.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 10.44% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Morgan Stanley dropped their price objective on Matador Resources from $56.00 to $52.00 and set an “equal weight” rating for the company in a research note on Friday, January 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Matador Resources in a research report on Friday, January 9th. UBS Group boosted their price objective on shares of Matador Resources from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Zacks Research raised shares of Matador Resources from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 8th. Finally, Truist Financial started coverage on shares of Matador Resources in a research report on Tuesday, March 24th. They set a “hold” rating and a $60.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.62.

Matador Resources Stock Performance

NYSE MTDR opened at $57.05 on Thursday. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 9.35 and a beta of 0.91. The business’s 50 day moving average is $55.61 and its two-hundred day moving average is $46.99. Matador Resources has a 12-month low of $37.14 and a 12-month high of $66.84. The company has a current ratio of 0.79, a quick ratio of 0.75 and a debt-to-equity ratio of 0.57.

Matador Resources (NYSE:MTDR) last announced its quarterly earnings data on Tuesday, February 24th. The energy company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. Matador Resources had a return on equity of 12.36% and a net margin of 20.54%.The firm had revenue of $847.99 million for the quarter, compared to analyst estimates of $811.13 million. During the same quarter in the prior year, the company posted $1.83 earnings per share. Matador Resources’s quarterly revenue was down 15.7% on a year-over-year basis. Research analysts expect that Matador Resources will post 8.53 EPS for the current year.

Hedge Funds Weigh In On Matador Resources

A number of institutional investors have recently modified their holdings of MTDR. CIBC Bancorp USA Inc. acquired a new stake in Matador Resources during the third quarter worth approximately $61,615,000. Wellington Management Group LLP raised its holdings in Matador Resources by 65.0% in the 4th quarter. Wellington Management Group LLP now owns 3,406,182 shares of the energy company’s stock valued at $144,558,000 after acquiring an additional 1,342,145 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Matador Resources during the 4th quarter worth $53,249,000. Balyasny Asset Management L.P. boosted its holdings in shares of Matador Resources by 2,495.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 552,856 shares of the energy company’s stock worth $23,463,000 after purchasing an additional 531,551 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Matador Resources by 64.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,100,805 shares of the energy company’s stock worth $49,459,000 after purchasing an additional 431,010 shares during the last quarter. Institutional investors and hedge funds 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.