Pitcairn Co. Lowers Holdings in Matador Resources (NYSE:MTDR)

Pitcairn Co. lowered its holdings in Matador Resources (NYSE:MTDR) by 8.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,124 shares of the energy company’s stock after selling 798 shares during the quarter. Pitcairn Co.’s holdings in Matador Resources were worth $401,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Denver PWM LLC purchased a new stake in Matador Resources in the 2nd quarter valued at about $27,000. Avior Wealth Management LLC raised its stake in shares of Matador Resources by 329.0% in the 3rd quarter. Avior Wealth Management LLC now owns 828 shares of the energy company’s stock valued at $41,000 after acquiring an additional 635 shares during the period. Quarry LP lifted its holdings in shares of Matador Resources by 47.5% in the 2nd quarter. Quarry LP now owns 779 shares of the energy company’s stock worth $46,000 after acquiring an additional 251 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Matador Resources by 191.8% during the 1st quarter. Advisors Asset Management Inc. now owns 709 shares of the energy company’s stock worth $47,000 after purchasing an additional 466 shares during the period. Finally, Covestor Ltd increased its holdings in Matador Resources by 154.8% in the 3rd quarter. Covestor Ltd now owns 1,060 shares of the energy company’s stock valued at $52,000 after purchasing an additional 644 shares during the last quarter. Institutional investors and hedge funds own 91.98% of the company’s stock.

Matador Resources Trading Down 0.6 %

Shares of Matador Resources stock opened at $58.85 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.84 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $53.66 and a 200-day simple moving average of $56.71. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 7.79 and a beta of 3.26. Matador Resources has a 12-month low of $47.15 and a 12-month high of $71.08.

Matador Resources (NYSE:MTDR) last issued its quarterly earnings data 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. Matador Resources had a return on equity of 20.01% and a net margin of 27.45%. The company had revenue of $770.20 million for the quarter, compared to analyst estimates of $836.69 million. During the same quarter last year, the company posted $1.86 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts forecast that Matador Resources will post 7.5 EPS for the current fiscal year.

Matador Resources Increases Dividend

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

Insider Activity

In related news, CAO Robert T. Macalik acquired 500 shares of Matador Resources stock in a transaction on Friday, September 6th. The stock was purchased at an average cost of $50.25 per share, with a total value of $25,125.00. Following the purchase, the chief accounting officer now directly owns 29,800 shares in the company, valued at approximately $1,497,450. The trade was a 1.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph Wm Foran bought 2,500 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $51.47 per share, for a total transaction of $128,675.00. Following the completion of the purchase, the chief executive officer now directly owns 37,751 shares in the company, valued at approximately $1,943,043.97. The trade was a 7.09 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 11,105 shares of company stock valued at $562,306. 6.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTDR. KeyCorp dropped their price objective on Matador Resources from $76.00 to $72.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Benchmark reaffirmed a “buy” rating and set a $62.00 price objective on shares of Matador Resources in a research report on Wednesday, October 23rd. Stephens boosted their target price on Matador Resources from $76.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. BMO Capital Markets increased their price target on Matador Resources from $75.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. lowered their price objective on Matador Resources from $77.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $74.92.

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.