Imperial Capital Remains Bullish on Matador Resources (MTDR) Following 2Q - PT to $28
- Wall St. rises amid robust GDP data, mixed earnings
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Leerink Partners Cuts Price Target on Conmed (CNMD) to $43; Reiterates Market Perform
- Stifel Upgrades Hub Group (HUBG) to Buy
- Cirrus Logic (CRUS) PT Raised to $65 at Needham & Company
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!