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

Analysts at Bank of America started coverage on shares of Matador Resources (NYSE:MTDR) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $56.00 price target on the energy company’s stock. Bank of America‘s price objective indicates a potential upside of 26.55% from the stock’s current price.

MTDR has been the subject of a number of other research reports. KeyCorp reduced their price objective on shares of Matador Resources from $72.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. UBS Group initiated coverage on shares of Matador Resources in a report on Tuesday, April 22nd. They issued a “neutral” rating and a $47.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Matador Resources from $65.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Stephens dropped their target price on shares of Matador Resources from $90.00 to $86.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Finally, Wells Fargo & Company dropped their target price on shares of Matador Resources from $86.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.44.

Matador Resources Price Performance

Shares of NYSE:MTDR opened at $44.25 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.61. The company has a market cap of $5.54 billion, a P/E ratio of 6.20 and a beta of 1.47. Matador Resources has a 52 week low of $35.19 and a 52 week high of $66.89. The company has a 50-day moving average price of $44.10 and a 200 day moving average price of $52.27.

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

Matador Resources announced that its board has approved a stock buyback program on Wednesday, April 23rd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the energy company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP William Thomas Elsener bought 750 shares of the stock in a transaction on Thursday, May 1st. The stock was purchased at an average cost of $40.10 per share, with a total value of $30,075.00. Following the purchase, the executive vice president now owns 111,197 shares of the company’s stock, valued at approximately $4,458,999.70. The trade was a 0.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph Wm Foran purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $39.63 per share, for a total transaction of $99,075.00. Following the acquisition, the chief executive officer now owns 60,756 shares in the company, valued at $2,407,760.28. The trade was a 4.29% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 36,200 shares of company stock valued at $1,701,872. Company insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Matador Resources

A number of hedge funds have recently made changes to their positions in the stock. TCTC Holdings LLC boosted its holdings in shares of Matador Resources by 53.8% in the 4th quarter. TCTC Holdings LLC now owns 500 shares of the energy company’s stock valued at $28,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Matador Resources by 68.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 510 shares of the energy company’s stock valued at $29,000 after acquiring an additional 207 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Matador Resources by 0.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 55,482 shares of the energy company’s stock valued at $2,835,000 after acquiring an additional 244 shares in the last quarter. Atria Investments Inc lifted its holdings in shares of Matador Resources by 3.1% during the 4th quarter. Atria Investments Inc now owns 8,188 shares of the energy company’s stock valued at $461,000 after acquiring an additional 249 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Matador Resources by 108.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 492 shares of the energy company’s stock valued at $28,000 after acquiring an additional 256 shares in the last quarter. Institutional investors and hedge funds own 91.98% of the company’s stock.

Matador Resources Company Profile

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.