Bridgewater Associates LP Raises Position in Matador Resources (NYSE:MTDR)

Bridgewater Associates LP increased its stake in Matador Resources (NYSE:MTDR) by 93.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 91,969 shares of the energy company’s stock after buying an additional 44,508 shares during the quarter. Bridgewater Associates LP’s holdings in Matador Resources were worth $4,545,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Denver PWM LLC purchased a new stake in shares of Matador Resources during the second quarter valued at approximately $27,000. Avior Wealth Management LLC increased its stake in Matador Resources by 329.0% during 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 period. Quarry LP increased its stake in Matador Resources by 47.5% during the 2nd quarter. Quarry LP now owns 779 shares of the energy company’s stock worth $46,000 after buying an additional 251 shares during the period. Advisors Asset Management Inc. lifted its holdings in Matador Resources by 191.8% in the 1st quarter. Advisors Asset Management Inc. now owns 709 shares of the energy company’s stock worth $47,000 after buying an additional 466 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Matador Resources by 154.8% during the third quarter. Covestor Ltd now owns 1,060 shares of the energy company’s stock valued at $52,000 after acquiring an additional 644 shares in the last quarter. 91.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MTDR. JPMorgan Chase & Co. cut their price target on Matador Resources from $77.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. BMO Capital Markets increased their target price on Matador Resources from $75.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Mizuho dropped their price target on shares of Matador Resources from $85.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. KeyCorp reduced their price objective on shares of Matador Resources from $76.00 to $72.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 target price on shares of Matador Resources in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Matador Resources presently has a consensus rating of “Moderate Buy” and an average price target of $74.92.

Matador Resources Price Performance

MTDR opened at $60.01 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $54.10 and its 200 day moving average price is $56.72. Matador Resources has a fifty-two week low of $47.15 and a fifty-two week high of $71.08. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 7.95 and a beta of 3.26.

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

Matador Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued 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 annualized dividend and a dividend yield of 1.67%. Matador Resources’s payout ratio is 13.25%.

Insider Transactions at Matador Resources

In other Matador Resources news, EVP Glenn W. Stetson acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was acquired at an average cost of $51.33 per share, with a total value of $51,330.00. Following the acquisition, the executive vice president now directly owns 85,935 shares of the company’s stock, valued at $4,411,043.55. This represents a 1.18 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert T. Macalik bought 500 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $50.25 per share, for a total transaction of $25,125.00. Following the completion of the transaction, the chief accounting officer now owns 29,800 shares in the company, valued at $1,497,450. This trade represents a 1.71 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 11,105 shares of company stock worth $562,306. Insiders own 6.10% of the company’s stock.

Matador Resources Company 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.