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Friday, Sep 20
Matador Resources' price target lifted at Stifel, shares rise
- Stifel Nicolaus raises its target price on Matador Resources (MTDR +0.8%) to $20 from $15, based on an incrementally more positive view on MTDR's Permian Basin properties where the company holds 32.9K net acres.
- The firm's NAV estimate now includes $3/share (~$18K/acre) for the Wolf prospect in Texas and $1/share for the Ranger prospect in New Mexico.
- While MTDR has yet to report production results from its first Permian wells, the vast majority of its acreage in the basin has been de-risked by competitors, Stifel says.