UPDATE: Stifel Raises PT on Matador Resources on Raised NAV Estimates, More Positive Outlook
In a report published Friday, Stifel analyst Michael Scialla reiterated a Buy rating on Matador Resources Company (NYSE: MTDR), and raised the price target from $15.00 to $20.00.
In the report, Stifel noted, “We are raising our NAV estimate to $20/share from $16 and our target price to $20 from $15 based on an incrementally more positive view on Matador's Permian Basin properties where the company holds 32,899 net acres. Our NAV estimate now includes $3/share or approximately $18,000/acre for the Wolf prospect in Loving County, Texas and $1/share for the Ranger prospect in Lea County, New Mexico. While Matador has yet to report production results from its first Permian wells, the vast majority of the company's acreage in the basin has been de-risked by competitors.”
Matador Resources Company closed on Thursday at $16.57.
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