HITE Hedge Asset Management LLC Buys New Holdings in Matador Resources (NYSE:MTDR)

HITE Hedge Asset Management LLC bought a new position in shares of Matador Resources (NYSE:MTDR) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 212,984 shares of the energy company’s stock, valued at approximately $10,526,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Denver PWM LLC bought a new stake in Matador Resources in the second quarter worth approximately $27,000. True Wealth Design LLC bought a new stake in shares of Matador Resources during the 3rd quarter worth $37,000. Avior Wealth Management LLC lifted its position in Matador Resources by 329.0% in the 3rd quarter. Avior Wealth Management LLC now owns 828 shares of the energy company’s stock worth $41,000 after buying an additional 635 shares during the last quarter. Quarry LP grew its stake in Matador Resources by 47.5% in the second quarter. Quarry LP now owns 779 shares of the energy company’s stock worth $46,000 after purchasing an additional 251 shares during the period. Finally, Covestor Ltd raised its stake in shares of Matador Resources by 154.8% in the third quarter. Covestor Ltd now owns 1,060 shares of the energy company’s stock worth $52,000 after buying an additional 644 shares during the period. 91.98% of the stock is owned by hedge funds and other institutional investors.

Matador Resources Stock Down 1.9 %

MTDR opened at $58.89 on Tuesday. The business has a 50-day moving average of $54.38 and a two-hundred day moving average of $56.58. Matador Resources has a 12 month low of $47.15 and a 12 month high of $71.08. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 7.80 and a beta of 3.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.84.

Matador Resources (NYSE:MTDR) last posted its earnings results on Tuesday, October 22nd. The energy company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.11. The firm had revenue of $770.20 million for the quarter, compared to analyst estimates of $836.69 million. Matador Resources had a return on equity of 20.01% and a net margin of 27.45%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.86 earnings per share. On average, research analysts expect that Matador Resources will post 7.5 earnings per share for the current year.

Matador Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.25 per share. This is an increase from Matador Resources’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.70%. Matador Resources’s dividend payout ratio (DPR) is currently 13.25%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MTDR shares. BMO Capital Markets boosted their price objective on Matador Resources from $75.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, October 4th. KeyCorp dropped their price objective on Matador Resources from $76.00 to $72.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Stephens raised their price objective on shares of Matador Resources from $76.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Benchmark reiterated a “buy” rating and issued a $62.00 target price on shares of Matador Resources in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Matador Resources from $89.00 to $87.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.92.

Insider Activity

In other news, CAO Robert T. Macalik acquired 500 shares of the business’s stock in a transaction on Friday, September 6th. The stock was bought at an average price of $50.25 per share, for a total transaction of $25,125.00. Following the transaction, the chief accounting officer now owns 29,800 shares in the company, valued at $1,497,450. This represents a 1.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Bryan A. Erman acquired 1,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $50.35 per share, with a total value of $50,350.00. Following the acquisition, the executive vice president now owns 2,750 shares of the company’s stock, valued at $138,462.50. This trade represents a 57.14 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 11,105 shares of company stock worth $562,306 in the last three months. Company insiders own 6.10% of the company’s stock.

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.