Matador Resources (NYSE:MTDR) Price Target Cut to $76.00 by Analysts at Wells Fargo & Company

Matador Resources (NYSE:MTDR) had its target price dropped by stock analysts at Wells Fargo & Company from $77.00 to $76.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 36.58% from the company’s current price.

A number of other brokerages have also recently issued reports on MTDR. Mizuho raised shares of Matador Resources to a “strong-buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Matador Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Seaport Research Partners initiated coverage on shares of Matador Resources in a research report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Morgan Stanley lowered their price target on shares of Matador Resources from $75.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday, June 29th. Finally, KeyCorp upped their price target on shares of Matador Resources from $68.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $66.73.

Matador Resources Price Performance

MTDR traded down $0.24 during midday trading on Wednesday, hitting $55.64. The stock had a trading volume of 85,569 shares, compared to its average volume of 1,852,549. The company has a market cap of $6.89 billion, a P/E ratio of 9.53 and a beta of 0.98. The business has a fifty day moving average of $55.47 and a 200 day moving average of $55.45. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.62 and a current ratio of 0.65. Matador Resources has a 1 year low of $37.14 and a 1 year high of $66.84.

Matador Resources (NYSE:MTDR) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.53. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Matador Resources had a net margin of 19.85% and a return on equity of 13.18%. The business’s quarterly revenue was up 32.5% on a year-over-year basis. During the same period last year, the business earned $1.53 earnings per share. As a group, equities analysts forecast that Matador Resources will post 7.50 earnings per share for the current fiscal year.

Insider Transactions at Matador Resources

In other Matador Resources news, EVP William Elsener purchased 850 shares of Matador Resources stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $50.94 per share, for a total transaction of $43,299.00. Following the acquisition, the executive vice president directly owned 114,879 shares in the company, valued at approximately $5,851,936.26. This trade represents a 0.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Foran purchased 555 shares of Matador Resources stock in a transaction that occurred on Wednesday, August 26th. The shares were acquired at an average price of $54.49 per share, for a total transaction of $30,241.95. Following the acquisition, the chief executive officer owned 4,772 shares in the company, valued at $260,026.28. This trade represents a 13.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 23,144 shares of company stock worth $1,211,793. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Matador Resources

Several institutional investors and hedge funds have recently bought and sold shares of MTDR. BlackRock Inc. bought a new position in Matador Resources in the second quarter worth about $573,936,000. Encompass Capital Advisors LLC purchased a new stake in Matador Resources in the fourth quarter worth about $53,249,000. Bank of New York Mellon Corp purchased a new stake in Matador Resources in the second quarter worth about $56,161,000. Bank of America Corp DE bought a new stake in Matador Resources during the 2nd quarter valued at approximately $42,184,000. Finally, Value Holdings Management CO. LLC bought a new stake in Matador Resources during the 2nd quarter valued at approximately $41,532,000. Hedge funds and other institutional investors own 91.98% of the company’s stock.

About Matador Resources

Matador Resources Company is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas properties. Its operations are focused primarily on unconventional, or shale, formations, with oil, natural gas and natural gas liquids among its principal products.

The company’s main exploration and production activities are concentrated in the Delaware Basin, part of the Permian Basin in southeastern New Mexico and West Texas. Matador has also historically held interests in other U.S.