UPDATE: Wunderlich Securities Reiterates On Matador Resources Company Following Uncharacteristic Miss

In a report published Friday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating on

, and raised the price target from $31.00 to $33.00. In the report, Wunderlich Securities noted, “Matador Resources (MTDR) had an uncharacteristic miss this quarter. Production was in line with the detailed update in mid-October, but per unit costs were surprisingly high in 3Q14. However, with a large production ramp ahead and the company's continual cost reductions, the fourth quarter should look better. MTDR's shares took a hit as positive events were overlooked. Firstly, the company confirmed October production of 20,000 boepd, setting MTDR up for a nice growth ramp. Secondly, the company grew proved reserves by 7% during the quarter which positively impacted our NAV and price target by $2 per share. Thirdly, with more wells coming on line, the company's year-end reserves addition should be very robust. We reiterate our Buy rating on MTDR shares.” Matador Resources Company closed on Thursday at $22.49.