Matador Resources Co MTDR:NYSE

Last Price$60.78NYSE Previous Close - Last Trade as of 7:00PM ET 8/12/22

Today's Change+0.53(0.88%)
Bid (Size)$51.00 (10)
Ask (Size)$64.99 (4)
Day Low / High$58.45 - 60.93
Volume743.3 K

Research Alert: CFRA Keeps Buy Opinion On Shares Of Matador Resources Company

5:05PM ET 6/14/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $75, raised $6, reflects a 6.4x multiple of EV to projected '23 EBITDA, a discount to MTDR's historical forward average. We lift our '22 EPS by $0.34 to $10.98 and cut '23's by $0.29 to $9.64. We expect Q2 '22 EPS of $3.07 vs. Q2 '21 operating EPS of $1.02. In June '22, MTDR executed a deal to acquire the Lane Gathering and Process system (G&P) from Summit Midstream Partners LP for a cash sale price of $75M, adding ~60 mcf/d of cryogenic natural gas (NG) processing plant and 45 miles of NG gathering pipelines. In our view, the acquisition will add additional insulation for MTDR from basis risks, while enabling it to move its Delaware production to key markets and reduce logistical challenges. In addition, MTDR revealed that in Q3 '22, it would be raising its quarterly dividend to $0.10 from $0.05 after paying off its entire revolving debt in Q1 '22. We think this could enable MTDR to return excess cash to shareholders via variable dividends, if it so chose.