Joseph Wm. Foran, Chairman and CEO of Matador Resources Co . (NYSE:MTDR), has recently acquired 2,000 shares of the company's common stock. According to a recent filing, the shares were purchased at an average price of $55.18 per share, amounting to a total transaction value of $110,360. The purchase comes at an interesting time, as InvestingPro analysis suggests the stock is currently undervalued, with analysts setting price targets ranging from $62 to $87.
Following this transaction, Foran directly owns 42,251 shares of Matador Resources. Additionally, he holds indirect ownership of various shares through trusts and other entities, as indicated in the filing. These acquisitions are part of ongoing transactions by insiders, reflecting their engagement and confidence in the company's prospects. The company maintains a "GREAT" financial health score according to InvestingPro, with strong profitability metrics including an 80% gross margin and consistent dividend growth over the past four years. For deeper insights into Matador's financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Matador Resources has been making significant strides in its financial performance and strategic initiatives. The company reported a robust Q3 2024 performance, largely attributed to the successful integration of the Ameredev acquisition, which led to enhanced production levels and operational efficiencies. Matador aims to maintain production levels above 200,000 barrels of oil equivalent per day in 2025.
Financial services firm Stephens raised its price target on Matador Resources shares following the sale of the Pronto Midstream assets to San Mateo, which generated nearly $300 million in cash for the company. This strategic move was seen positively by TD Cowen, which reaffirmed a Buy rating on Matador Resources shares, citing operational advancements and potential cost savings from simultaneous and trimodal fracturing operations.
In addition, Matador received approximately $113 million from the sale of its 19% ownership stake in Piñon Midstream, LLC, with plans to use these proceeds towards reducing its current outstanding borrowings under a $2.25 billion credit facility. Despite a potential slight decrease in production for Q4 due to ongoing fracturing operations, the company's leadership remains confident in its trajectory. These recent developments highlight Matador Resources' ongoing efforts to optimize its asset portfolio and strengthen its balance sheet.
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