UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Matador Resources Co. Following Q2'13 Wrap-Up

In a report published Monday, Citigroup analyst Robert S. Morris reiterated a Neutral rating on

, and raised the price target from $10.00 to $16.50. In the report, Citigroup noted, “We are raising our price target for Matador to $16.50 (from $10.00) after the company reported production exit rates that signal a stronger-than-expected H2'13 outlook which we expect will continue into 2014. As we highlighted in our 'Quick Read' note, accompanying Q2'13 results, Matador noted June and July production averaged 12.6 MBOE/d due to 7 Eagle Ford completions over the back-half of the quarter. The production rates provided do not indicate the outperformance was driven by a single well. Further, the two month average rate gives us greater confidence that a production spike was not simply generated by the timing of completions.” Matador Resources Co. closed on Friday at $14.50.