Griffin Asset Management Inc. Lowers Stake in Matador Resources (NYSE:MTDR)

Griffin Asset Management Inc. cut its stake in Matador Resources (NYSE:MTDR) by 0.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,456 shares of the energy company’s stock after selling 295 shares during the quarter. Griffin Asset Management Inc.’s holdings in Matador Resources were worth $2,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TCTC Holdings LLC increased its holdings in shares of Matador Resources by 53.8% during the 4th quarter. TCTC Holdings LLC now owns 500 shares of the energy company’s stock worth $28,000 after buying an additional 175 shares during the last quarter. Atria Investments Inc raised its holdings in shares of Matador Resources by 3.1% in the fourth quarter. Atria Investments Inc now owns 8,188 shares of the energy company’s stock valued at $461,000 after buying an additional 249 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Matador Resources by 108.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 492 shares of the energy company’s stock worth $28,000 after acquiring an additional 256 shares during the period. Arizona State Retirement System grew its position in Matador Resources by 0.8% during the fourth quarter. Arizona State Retirement System now owns 34,413 shares of the energy company’s stock worth $1,936,000 after buying an additional 280 shares during the period. Finally, State of Wyoming increased its holdings in Matador Resources by 11.6% in the fourth quarter. State of Wyoming now owns 2,772 shares of the energy company’s stock valued at $156,000 after buying an additional 288 shares in the last quarter. 91.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Matador Resources

In related news, CEO Joseph Wm Foran acquired 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The stock was bought at an average cost of $39.63 per share, for a total transaction of $99,075.00. Following the purchase, the chief executive officer now owns 60,756 shares in the company, valued at $2,407,760.28. The trade was a 4.29% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Christopher P. Calvert bought 1,500 shares of the stock in a transaction dated Thursday, May 1st. The shares were purchased at an average price of $41.13 per share, with a total value of $61,695.00. Following the completion of the transaction, the chief operating officer now directly owns 36,500 shares in the company, valued at approximately $1,501,245. The trade was a 4.29% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 14,850 shares of company stock worth $601,103. Insiders own 5.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on MTDR shares. UBS Group assumed coverage on shares of Matador Resources in a research report on Tuesday, April 22nd. They issued a “neutral” rating and a $47.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Matador Resources from $65.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Wells Fargo & Company decreased their price target on shares of Matador Resources from $86.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Raymond James lowered their price objective on shares of Matador Resources from $77.00 to $67.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Finally, KeyCorp lowered their price objective on shares of Matador Resources from $72.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.44.

Matador Resources Trading Up 4.4%

MTDR opened at $51.67 on Friday. The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 7.24 and a beta of 1.46. Matador Resources has a fifty-two week low of $35.19 and a fifty-two week high of $66.89. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.93 and a quick ratio of 0.84. The company’s 50 day moving average price is $42.93 and its two-hundred day moving average price is $50.79.

Matador Resources (NYSE:MTDR) last posted its earnings results on Wednesday, April 23rd. The energy company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $980.87 million. Matador Resources had a net margin of 25.26% and a return on equity of 18.52%. The business’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.71 EPS. As a group, research analysts predict that Matador Resources will post 8.53 earnings per share for the current year.

Matador Resources declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 23rd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the energy company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Matador Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $0.3125 per share. This represents a $1.25 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Friday, May 9th. Matador Resources’s payout ratio is currently 16.78%.

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.