Mizuho Analysts Bullish on Matador Resources Co, Raise Price Target by 6.4%

Mizuho's Nitin Kumar raised their price target on Matador Resources Co (NYSE: MTDR) by 6.4% from $78 to $83 on May 13, 2024. The analyst maintained their Strong Buy rating on the stock.

Kumar's price target move came as part of a post-reporting season review of names in the Energy (Gas & Oil E&P) sector. Mizuho also updated its commodity price forecast through 2026 and increased net asset value-based price targets by 7%, according to the analyst.

In terms of the global oil market, Mizuho sees strength in the near term due to higher non-OECD demand and more modest supply gains. However, the firm maintains a $75 per barrel midcycle Brent outlook for the long term, as detailed by Janela, an analyst at Mizuho.

Apart from Matador Resources, Kumar also made changes to other names in their portfolio on May 13, 2024. The analyst raised the price target on Antero Resources Corp by 27.6% from $29 to $37 and maintained a Hold rating. Cnx Resources Corp saw its price target rise by 16% from $25 to $29, while Eqt Corp had its price target increased by 4.7% from $43 to $45. Gulfport Energy Corp's price target was raised by 7.2% from $166 to $178, and Southwestern Energy Co's price target saw an increase of 11.1% from $9 to $10. Kumar maintained a Hold rating on all these stocks.

It's worth noting that MTDR has received positive ratings from top analysts. According to WallStreetZen, 100% of top-rated analysts currently rate MTDR as a Strong Buy or Buy, while no analysts see it as a Hold. Additionally, no analysts recommend or strongly recommend selling the stock.

Analysts are forecasting that MTDR's upcoming year will deliver earnings per share (EPS) of $6.55. If these predictions are accurate, MTDR's next yearly EPS will be down by 10.7% on a year-over-year basis.

Looking at the stock's performance, since MTDR's last quarterly report on March 31, 2024, the stock price has decreased by 5.8%. However, on a year-over-year basis, the stock is up by an impressive 41.8%. During this period, MTDR has outperformed the S&P 500, which has seen a gain of 26.2%.

Mizuho analyst Nitin Kumar, who made the price target adjustment for MTDR, is ranked in the top 1% out of 4,581 Wall Street analysts by WallStreetZen. Kumar specializes in the Real Estate and Energy sectors and has an average return of 13.5% and a win rate of 58.8%.

Matador Resources Company, formerly known as Matador Holdco, Inc., is engaged in the production of oil and natural gas in the United States. The company offers natural gas processing, oil transportation services, water gathering services, and produced water disposal services to third parties. Matador Resources holds interests in the Wolfcamp and Bone Spring plays in the Delaware Basin, which spans Southeast New Mexico and West Texas. The company, founded in 2003, is headquartered in Dallas, Texas.

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