M&T Bank Corp Raises Position in Matador Resources Company (NYSE:MTDR)

M&T Bank Corp lifted its position in shares of Matador Resources Company (NYSE:MTDR) by 27.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,341 shares of the energy company’s stock after buying an additional 3,107 shares during the quarter. M&T Bank Corp’s holdings in Matador Resources were worth $732,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Matador Resources by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,555,553 shares of the energy company’s stock valued at $706,375,000 after buying an additional 187,633 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Matador Resources by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,444,723 shares of the energy company’s stock valued at $306,313,000 after buying an additional 30,184 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Matador Resources by 25.9% during the 4th quarter. Alliancebernstein L.P. now owns 2,698,606 shares of the energy company’s stock valued at $151,824,000 after buying an additional 555,245 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Matador Resources by 18.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,669,957 shares of the energy company’s stock valued at $93,952,000 after buying an additional 258,958 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Matador Resources by 262.0% during the 4th quarter. LSV Asset Management now owns 1,517,308 shares of the energy company’s stock valued at $85,364,000 after buying an additional 1,098,108 shares in the last quarter. Hedge funds and other institutional investors own 91.98% of the company’s stock.

Matador Resources Stock Performance

Matador Resources stock opened at $51.86 on Tuesday. The company has a market cap of $6.49 billion, a PE ratio of 6.96 and a beta of 1.46. Matador Resources Company has a twelve month low of $35.19 and a twelve month high of $66.89. The company’s 50-day moving average price is $46.84 and its 200-day moving average price is $49.86. The company has a quick ratio of 0.76, a current ratio of 0.79 and a debt-to-equity ratio of 0.56.

Matador Resources (NYSE:MTDR) last issued its quarterly earnings results on Wednesday, April 23rd. The energy company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $980.87 million. Matador Resources had a net margin of 24.97% and a return on equity of 18.45%. The firm’s revenue was up 28.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.71 EPS. On average, equities research analysts forecast that Matador Resources Company will post 8.53 EPS for the current fiscal year.

Matador Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a dividend of $0.3125 per share. The ex-dividend date was Friday, May 9th. This represents a $1.25 annualized dividend and a yield of 2.41%. Matador Resources’s payout ratio is 16.78%.

Matador Resources declared that its Board of Directors has approved a share buyback program on Wednesday, April 23rd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the energy company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MTDR. Morgan Stanley lowered their target price on shares of Matador Resources from $84.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Mizuho decreased their price target on shares of Matador Resources from $74.00 to $73.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Wells Fargo & Company decreased their price target on shares of Matador Resources from $80.00 to $74.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. TD Cowen upgraded shares of Matador Resources to a “strong-buy” rating in a research note on Monday, July 7th. Finally, Bank of America began coverage on shares of Matador Resources in a research note on Monday, May 19th. They issued a “buy” rating and a $56.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.06.

Insider Activity at Matador Resources

In other news, EVP William Thomas Elsener purchased 750 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The shares were bought at an average cost of $40.10 per share, for a total transaction of $30,075.00. Following the acquisition, the executive vice president owned 111,197 shares of the company’s stock, valued at approximately $4,458,999.70. This trade represents a 0.68% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Wm Foran bought 5,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The stock was bought at an average price of $40.86 per share, for a total transaction of $204,300.00. Following the completion of the purchase, the chief executive officer directly owned 50,756 shares in the company, valued at approximately $2,073,890.16. This represents a 10.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 14,850 shares of company stock worth $601,103 in the last three months. 5.80% of the stock is owned by insiders.

Matador Resources 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.