Matador Resources (NYSE:MTDR) Shares Gap Up Following Strong Earnings

Matador Resources (NYSE:MTDR) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $60.92, but opened at $63.92. Matador Resources shares last traded at $62.04, with a volume of 266,438 shares.

The energy company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.29. Matador Resources had a return on equity of 21.93% and a net margin of 29.01%. The business had revenue of $847.14 million for the quarter, compared to analyst estimates of $822.55 million. During the same quarter in the prior year, the company posted $1.42 earnings per share. Matador Resources’s revenue was up 32.8% on a year-over-year basis.

Matador Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.80 annualized dividend and a yield of 1.30%. Matador Resources’s payout ratio is presently 10.96%.

Analyst Upgrades and Downgrades

MTDR has been the topic of several analyst reports. Truist Financial dropped their target price on Matador Resources from $91.00 to $86.00 and set a “buy” rating on the stock in a report on Monday. KeyCorp upped their price objective on Matador Resources from $71.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Wells Fargo & Company upped their price objective on Matador Resources from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Benchmark restated a “buy” rating and issued a $62.00 price objective on shares of Matador Resources in a research note on Wednesday. Finally, Capital One Financial upgraded Matador Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $80.00 to $84.00 in a research note on Thursday. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.08.

Insider Buying and Selling

In related news, EVP Bryan A. Erman bought 1,750 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average cost of $55.90 per share, with a total value of $97,825.00. Following the transaction, the executive vice president now directly owns 1,750 shares in the company, valued at $97,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.10% of the stock is currently owned by company insiders.

Institutional Trading of Matador Resources

Large investors have recently made changes to their positions in the company. Covestor Ltd raised its stake in shares of Matador Resources by 121.4% in the first quarter. Covestor Ltd now owns 414 shares of the energy company’s stock worth $28,000 after purchasing an additional 227 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Matador Resources in the fourth quarter worth approximately $31,000. Rise Advisors LLC purchased a new stake in shares of Matador Resources in the first quarter worth approximately $34,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Matador Resources in the fourth quarter worth about $35,000. Finally, Lindbrook Capital LLC lifted its holdings in shares of Matador Resources by 84.3% in the first quarter. Lindbrook Capital LLC now owns 597 shares of the energy company’s stock worth $40,000 after buying an additional 273 shares in the last quarter. 91.98% of the stock is currently owned by institutional investors and hedge funds.

Matador Resources Stock Performance

The stock has a market capitalization of $7.70 billion, a PE ratio of 8.45 and a beta of 3.29. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.89 and a quick ratio of 0.84. The business’s fifty day moving average price is $60.27 and its 200-day moving average price is $61.29.

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.