KLR Group Upgrades Matador Resources Company (MTDR) to Accumulate
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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)."
Shares of Matador Resources Company closed at $20.49 yesterday.
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