Glenn W. Stetson, Executive Vice President of Production at Matador Resources Co (NYSE:MTDR), recently acquired 1,000 shares of the company's common stock. The purchase, which took place on October 30, 2024, was made at a price of $51.33 per share, totaling $51,330. Following this transaction, Stetson now directly owns 85,935 shares, which includes shares acquired through the company's Employee Stock Purchase Plan and various grants of restricted stock.
In other recent news, Matador Resources Company reported a robust Q3 2024 performance, largely attributed to the successful integration of the Ameredev acquisition. This has notably enhanced production levels and operational efficiencies, with the company planning to maintain production levels above 200,000 barrels of oil equivalent per day in 2025. The company's capital expenditure plan is projected to slightly exceed $1.25 billion.
Matador Resources also announced that it has received approximately $113 million from the sale of its 19% ownership stake in Piñon Midstream, LLC. The proceeds will be allocated towards reducing its current outstanding borrowings under a $2.25 billion credit facility. This transaction is part of Matador's broader strategy to optimize its asset portfolio and strengthen its balance sheet.
Analysts noted that despite potential slight decreases in production for Q4 due to ongoing fracturing operations, the company's leadership remains confident. Matador Resources has emphasized its strategic focus on expanding undeveloped acreage inventory, expected to contribute to long-term growth. These are among the recent developments for Matador Resources.
InvestingPro Insights
Glenn W. Stetson's recent purchase of Matador Resources Co (NYSE:MTDR) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock appears to be trading at an attractive valuation, with a P/E ratio of 6.98, significantly lower than many of its peers in the energy sector. This low P/E ratio, coupled with the company's strong revenue growth of 23.82% over the last twelve months, suggests that MTDR may be undervalued relative to its earnings potential.
InvestingPro Tips point out that Matador Resources has raised its dividend for four consecutive years, demonstrating a commitment to returning value to shareholders. This is further supported by the company's impressive dividend growth of 66.67% in the last twelve months, with a current dividend yield of 1.92%. These factors may have influenced Stetson's decision to increase his stake in the company.
Despite the positive outlook, it's worth noting that nine analysts have revised their earnings downwards for the upcoming period, which could indicate some near-term challenges. However, the company remains profitable, with a strong return over the last five years, as highlighted by another InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Matador Resources, providing a deeper understanding of the company's financial health and market position.
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