KLR Group Upgrades Matador Resources Company (MTDR) to Accumulate

September 21, 2016 7:20 AM EDT
Get Alerts MTDR Hot Sheet
Price: $23.94 +2.40%

Rating Summary:
    15 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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KLR Group upgraded Matador Resources Company (NYSE: MTDR) from Hold to Accumulate with a price target of $25.00.

Analyst John Gerdes commented, "We are upgrading MTDR from Hold to Accumulate. Our $25 per share target price is unchanged. MTDR has depreciated ~10% this month, underperforming the sector by ~7%, and now has 20%+ intrinsic upside, thus meriting an upgrade to Accumulate. Matador’s mid-cycle (’18) capital yield is 120%-125%, which is slightly below the industry median cash recycle ratio of 125%-130%.

Our ’16 production expectation of ~9.9 Mmboe is at the high end of guidance (9.6-9.9 Mmboe). In ’16, our oil outlook is slightly above the midpoint of company guidance (4.9-5.1 Mmbo), while our gas production expectation is slightly above the high end of guidance (28-29 Bcf)."

For an analyst ratings summary and ratings history on Matador Resources Company click here. For more ratings news on Matador Resources Company click here.

Shares of Matador Resources Company closed at $20.49 yesterday.

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