Imperial Capital Remains Bullish on Matador Resources (MTDR) Following 2Q - PT to $28
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Imperial Capital reiterated an Outperform rating on Matador Resources Company (NYSE: MTDR), and raised the price target to $28.00 (from $25.00), following the company's 2Q earnings report. During the earnings conference call, management highlighted the retention of a three pipe gathering system in Loving County that appears to be the likeliest divestiture candidate.
Analyst Kim Pacanovsky commented, "We are maintaining our Outperform rating and raising our one-year price target to $28 from $25 on shares of MTDR, about 30% above the recent share price. On 8/3/16, MTDR released excellent 2Q16 results showing 26% sequential production growth (28,022boe/d – a company record) and a material 28% drop in sequential lease operating expenses (now $5.17/boe). After releasing impressive drilling results in the Delaware Basin in its lengthy operations update on 7/18/16, management focused on a much awaited liquidity update, citing potential midstream and property divestitures that could plug any liquidity gap should management elect to add a fourth rig. We believe a midstream divestiture is most likely given the precedent of its $143mn Loving County cryogenic natural gas processing plant divestiture to an EnLink (ENLC) subsidiary on 9/15/15."
Shares of Matador Resources Company closed at $21.60 yesterday.
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