Cadence Wealth Management LLC Takes Position in Matador Resources Company $MTDR

Cadence Wealth Management LLC purchased a new position in Matador Resources Company (NYSE:MTDR) during the first quarter, HoldingsChannel.com reports. The fund purchased 15,527 shares of the energy company’s stock, valued at approximately $981,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MTDR. PNC Financial Services Group Inc. increased its position in Matador Resources by 22.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,147 shares of the energy company’s stock valued at $767,000 after buying an additional 2,250 shares in the last quarter. Madison Asset Management LLC boosted its holdings in Matador Resources by 27.0% in the first quarter. Madison Asset Management LLC now owns 280,699 shares of the energy company’s stock worth $17,735,000 after acquiring an additional 59,699 shares in the last quarter. Amova Asset Management Americas Inc. grew its stake in shares of Matador Resources by 2.5% in the first quarter. Amova Asset Management Americas Inc. now owns 20,072 shares of the energy company’s stock worth $1,268,000 after acquiring an additional 483 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Matador Resources by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,948,104 shares of the energy company’s stock worth $439,010,000 after acquiring an additional 277,839 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Matador Resources by 17.3% during the first quarter. California Public Employees Retirement System now owns 254,670 shares of the energy company’s stock valued at $16,090,000 after acquiring an additional 37,476 shares in the last quarter. Hedge funds and other institutional investors own 91.98% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Joseph Wm Foran acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average price of $53.07 per share, with a total value of $106,140.00. Following the completion of the acquisition, the chief executive officer directly owned 11,479 shares of the company’s stock, valued at approximately $609,190.53. The trade was a 21.10% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Glenn W. Stetson acquired 500 shares of Matador Resources stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average price of $53.41 per share, with a total value of $26,705.00. Following the transaction, the chief operating officer owned 95,470 shares of the company’s stock, valued at $5,099,052.70. The trade was a 0.53% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 11,907 shares of company stock valued at $635,712. Company insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Matador Resources from $54.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. BMO Capital Markets raised their price objective on shares of Matador Resources from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Citigroup decreased their target price on shares of Matador Resources from $72.00 to $68.00 and set a “buy” rating for the company in a report on Monday. Weiss Ratings cut shares of Matador Resources from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Finally, Truist Financial reduced their price target on shares of Matador Resources from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Matador Resources Stock Performance

Shares of NYSE MTDR opened at $54.06 on Wednesday. The firm’s 50-day moving average price is $53.46 and its 200-day moving average price is $53.07. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 0.59. The company has a market cap of $6.71 billion, a PE ratio of 13.90 and a beta of 0.74. Matador Resources Company has a 52-week low of $37.14 and a 52-week high of $66.84.

Matador Resources (NYSE:MTDR) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.29. The firm had revenue of $941.60 million during the quarter, compared to analysts’ expectations of $871.57 million. Matador Resources had a net margin of 14.41% and a return on equity of 11.20%. The firm’s quarterly revenue was down 33.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 earnings per share. As a group, analysts anticipate that Matador Resources Company will post 6.99 EPS for the current year.

Matador Resources Company Profile

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.