Matador Resources (NYSE:MTDR) Now Covered by Scotiabank

Analysts at Scotiabank began coverage on shares of Matador Resources (NYSE:MTDR) in a research note issued on Thursday, Briefing.com reports. The brokerage set a “sector perform” rating and a $59.00 price target on the energy company’s stock. Scotiabank’s price target suggests a potential upside of 6.92% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Wall Street Zen raised shares of Matador Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 26th. Citigroup decreased their price objective on shares of Matador Resources from $68.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Stifel Nicolaus assumed coverage on shares of Matador Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $66.00 price objective on the stock. Wells Fargo & Company dropped their target price on Matador Resources from $77.00 to $76.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Truist Financial boosted their target price on Matador Resources from $59.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Matador Resources presently has an average rating of “Moderate Buy” and an average price target of $66.62.

Matador Resources Price Performance

Shares of NYSE MTDR opened at $55.18 on Thursday. The stock has a market cap of $6.83 billion, a P/E ratio of 9.46 and a beta of 0.98. The firm’s 50-day simple moving average is $55.64 and its 200 day simple moving average is $55.39. Matador Resources has a fifty-two week low of $37.14 and a fifty-two week high of $66.84. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 0.67.

Matador Resources (NYSE:MTDR) last announced its earnings results on Wednesday, August 5th. The energy company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.53. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.06 billion. Matador Resources had a net margin of 19.85% and a return on equity of 13.18%. Matador Resources’s revenue was up 32.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.53 EPS. Equities analysts expect that Matador Resources will post 7.52 EPS for the current year.

Insiders Place Their Bets

In other Matador Resources news, EVP William Elsener acquired 850 shares of Matador Resources stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $50.94 per share, for a total transaction of $43,299.00. Following the transaction, the executive vice president owned 114,879 shares in the company, valued at approximately $5,851,936.26. This trade represents a 0.75% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph Foran acquired 555 shares of the stock in a transaction dated Wednesday, August 26th. The stock was acquired at an average cost of $54.49 per share, for a total transaction of $30,241.95. Following the purchase, the chief executive officer directly owned 4,772 shares in the company, valued at approximately $260,026.28. The trade was a 13.16% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 23,144 shares of company stock worth $1,211,793. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Matador Resources

A number of large investors have recently added to or reduced their stakes in MTDR. Mitchell & Pahl Private Wealth LLC increased its holdings in shares of Matador Resources by 4.1% in the third quarter. Mitchell & Pahl Private Wealth LLC now owns 24,636 shares of the energy company’s stock valued at $1,271,000 after buying an additional 975 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Matador Resources by 11.6% during the 3rd quarter. GAMMA Investing LLC now owns 3,460 shares of the energy company’s stock valued at $178,000 after acquiring an additional 361 shares during the last quarter. Congress Asset Management Co. lifted its position in shares of Matador Resources by 36.4% during the 3rd quarter. Congress Asset Management Co. now owns 142,738 shares of the energy company’s stock valued at $7,362,000 after acquiring an additional 38,119 shares during the last quarter. Cim Investment Management Inc. boosted its stake in shares of Matador Resources by 7.3% during the 2nd quarter. Cim Investment Management Inc. now owns 4,488 shares of the energy company’s stock worth $223,000 after acquiring an additional 307 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Matador Resources by 80.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 19,285 shares of the energy company’s stock worth $960,000 after acquiring an additional 8,581 shares in the last quarter. 91.98% of the stock is currently owned by institutional investors.

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.