Millrace Asset Group Inc. Makes New $861,000 Investment in Matador Resources (NYSE:MTDR)

Millrace Asset Group Inc. acquired a new position in shares of Matador Resources (NYSE:MTDR - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,416 shares of the energy company's stock, valued at approximately $861,000.

Other large investors also recently added to or reduced their stakes in the company. Securian Asset Management Inc. increased its position in shares of Matador Resources by 1.9% during the 2nd quarter. Securian Asset Management Inc. now owns 9,255 shares of the energy company's stock worth $552,000 after purchasing an additional 170 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of Matador Resources by 3.6% in the 2nd quarter. Raymond James Trust N.A. now owns 5,714 shares of the energy company's stock valued at $341,000 after acquiring an additional 198 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Matador Resources by 16.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the energy company's stock worth $102,000 after acquiring an additional 243 shares during the last quarter. Quarry LP boosted its position in shares of Matador Resources by 47.5% during the 2nd quarter. Quarry LP now owns 779 shares of the energy company's stock worth $46,000 after purchasing an additional 251 shares during the period. Finally, Greenleaf Trust increased its holdings in Matador Resources by 3.8% in the 3rd quarter. Greenleaf Trust now owns 7,086 shares of the energy company's stock valued at $350,000 after purchasing an additional 260 shares during the last quarter. 91.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Robert T. Macalik acquired 500 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average cost of $50.25 per share, for a total transaction of $25,125.00. Following the transaction, the chief accounting officer now directly owns 29,800 shares in the company, valued at approximately $1,497,450. This represents a 1.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian J. Willey purchased 1,500 shares of Matador Resources stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $50.50 per share, with a total value of $75,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 1,500 shares in the company, valued at approximately $75,750. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 11,105 shares of company stock valued at $562,306. Insiders own 6.10% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Matador Resources from $75.00 to $78.00 and gave the company an "outperform" rating in a research note on Friday, October 4th. Wells Fargo & Company cut their price target on shares of Matador Resources from $89.00 to $87.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Truist Financial lowered their price objective on shares of Matador Resources from $86.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Mizuho reduced their target price on shares of Matador Resources from $85.00 to $74.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $70.00 price target on shares of Matador Resources in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.92.

Matador Resources Stock Down 0.6 %

Shares of MTDR traded down $0.34 during mid-day trading on Tuesday, reaching $58.85. The company's stock had a trading volume of 932,742 shares, compared to its average volume of 1,524,136. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.84. Matador Resources has a 12-month low of $47.15 and a 12-month high of $71.08. The stock has a market cap of $7.34 billion, a PE ratio of 7.74 and a beta of 3.26. The company's 50 day moving average is $53.66 and its 200 day moving average is $56.71.

Matador Resources (NYSE:MTDR - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The energy company reported $1.89 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.11. Matador Resources had a net margin of 27.45% and a return on equity of 20.01%. The company had revenue of $770.20 million for the quarter, compared to analysts' expectations of $836.69 million. During the same quarter last year, the company earned $1.86 earnings per share. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. Equities analysts anticipate that Matador Resources will post 7.5 EPS for the current fiscal year.

Matador Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.25 per share. This is an increase from Matador Resources's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, November 15th. Matador Resources's dividend payout ratio (DPR) is presently 13.25%.

Matador Resources Company Profile

Matador Resources Company, an independent energy company, engages in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. It operates through two segments, Exploration and Production; and Midstream. The company primarily holds interests in the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.