On Monday, Matador Resources Company (NYSE:MTDR) saw its price target increased by TD Cowen from $64.00 to $72.00, while the firm maintained an Outperform rating on the stock.
This adjustment follows a series of investor meetings with key executives from Matador Resources, where various strategic topics were discussed.
The meetings included Matador Resources' Executive Vice President & Chief Financial Officer, Brian Willey, Executive Vice President & Co-Chief Operating Officer, Chris Calvert, Executive Vice President-Production, Glenn Stetson, and Vice President-Investor Relations, Mac Schmitz. The discussions revolved around the company's guidance, potential for midstream expansion and monetization, mergers and acquisitions, and other significant matters.
TD Cowen expressed confidence in Matador Resources' plans for 2024, highlighting the anticipated completion of the Pronto/San Mateo connection in the first quarter.
The firm also noted that third-party midstream constraints, which had previously hindered growth, are expected to be resolved, setting the stage for growth in the second quarter.
The revised price target reflects a positive outlook on Matador Resources' operational strategies and its ability to execute on its planned initiatives. The connection of Pronto/San Mateo and the resolution of midstream constraints are key factors underpinning this optimistic perspective.
Matador Resources, with its focus on oil and natural gas exploration and production, is poised for growth as it navigates through its midstream expansion and seeks to capitalize on its strategic plans for the coming year.
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