Raymond James analyst John Freeman raised the price target on Matador (NYSE: MTDR) to $76.00 (from $59.00) while maintaining a Outperform rating.

The analyst comments "We’re updating estimates for Outperform-rated MTDR to update for latest commodity strip with the wild ride we’ve been on post Iran. As a recap of recent developments, last month MTDR completed a $750M private placement of 6% senior notes due 2034. MTDR used the proceeds to fully redeem its $500M in 6.875% senior notes due 2028 and reduce borrowings under its credit facility. Looking ahead, MTDR’s 2026 guidance anticipates total production to rise ~3% y/y at the midpoint, with oil volumes up ~3% y/y to ~123 Mbbl/d. 2026 guidance also sees annual capex to declining ~11% y/y to ~$1.5B, driven by ~38% y/y decrease in midstream spend to ~$105M and a ~9% y/y decrease in D&C capex to ~$1.395B. Importantly, MTDR expects D&C/ft. to fall ~6% y/ y to $795/ft. after reducing D&C/ft. by ~8% last year. Consistent with guidance/Street, we’re modeling 2026 production/oil volumes of ~213 Mboe/d / ~123 Mbbl/d on total capex of ~$1.5B (~ $1.4B D&C/~$105M midstream). "