Canaccord Genuity Downgrades Matador Resources to Hold (MTDR)
Matador Resources (NASDAQ:MTDR) was downgraded by Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $21.00 target price on the stock. Canaccord Genuity’s target price indicates a potential upside of 3.55% from the company’s current price.
The analysts wrote, “Mr. Craig Adams (EVP Land & Legal) and Mr. Ryan London (VP and general mgr.) presented at our Global Resource Conference last week. MTDR continues to impress operationally in the Eagle Ford as it lowers well costs through pad drilling, reduced frac cost, improvement in well design, etc. Moving from pad drilling to batch drilling is expected to lower costs further. In addition, the prospect of downspacing in the Eagle Ford going forward could potentially double drilling inventory. But we believe all of the above have been noticed by the Street, as MTDR’s stock has gone up ~150% YTD. The next leg of growth comes from the Delaware, but in our understanding, MTDR will present meaningful updates only in December at its analyst day.”
MTDR has been the subject of a number of other recent research reports. Analysts at Stifel Nicolaus reiterated a “buy” rating on shares of Matador Resources in a research note to investors on Monday, October 14th. They now have a $20.00 price target on the stock. Separately, analysts at Wunderlich raised their price target on shares of Matador Resources from $20.00 to $23.00 in a research note to investors on Monday, October 14th. They now have a “buy” rating on the stock. Finally, analysts at SunTrust reiterated a “buy” rating on shares of Matador Resources in a research note to investors on Friday, September 20th. They now have a $20.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Matador Resources presently has an average rating of “Buy” and a consensus price target of $17.71.
Shares of Matador Resources (NASDAQ:MTDR) traded down 6.46% during mid-day trading on Wednesday, hitting $18.97. 482,786 shares of the company’s stock traded hands. Matador Resources has a 1-year low of $7.58 and a 1-year high of $17.89. The stock has a 50-day moving average of $15.68 and a 200-day moving average of $11.37. The company’s market cap is $1.059 billion.
Matador Resources Company is an energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with a particular focus on oil and natural gas shale plays and other unconventional resource plays.
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