50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Matador Resources CEO Joseph Foran acquires $110,360 in stock

Published 12/10/2024, 07:19 AM
MTDR
-

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.