KLR Group Downgrades Matador Resources Company (MTDR) to Hold
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KLR Group downgraded Matador Resources Company (NYSE: MTDR) from Accumulate to Hold with a price target of $25.00.
Analyst John Gerdes commented, "We are downgrading MTDR from Accumulate to Hold. Our $25 target price is unchanged. Since our mid-September upgrade, MTDR has appreciated ~15% and outperformed the sector by almost 10%. The company’s stock price now reflects our target, thus requiring a downgrade to Hold.
Matador’s mid-cycle capital yield of 125%-130% approximates the industry median cash recycle ratio. Our ’16 production expectation of ~10.2 Mmboe is at the high end of company guidance (9.8-10.2 Mmboe)."
Shares of Matador Resources Company closed at $25.41 yesterday.
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