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Jefferies Reiterates Buy Rating, $13 PT on Matador Resources Co. on Updated Estimates

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In a report published Monday, Jefferies analyst Subash Chandra reiterated a Buy rating and $13.00 price target on Matador Resources Co. (NYSE: MTDR).

In the report, Chandra noted, “Raising 2013 EPS on Higher Production and Q1 Oil Realizations. Increasing 2013 production forecast by 8% to 68.3 mmcfe/d. Production for the first 2 months of Q1 was significantly above our forecast as well as guidance, 64 mmcfe/d vs JEF's 56 mmcfe/d and guidance of 55 mmcfe/d. Our full-year forecast continues to be above top end of guidance of 58 - 61 mmcfe/d. Also increased Q1 oil realizations by 3% to $101/bbl on the continuation of a high LLS premium in the quarter. Q1 EPS increased to $0.11 from $0.05. 2013 EPS increased to $0.52 from $0.46.”

Matador Resources Co. closed on Friday at $8.86.

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