Matador Resources' price target lifted at Stifel, shares rise

|About: Matador Resources (MTDR)|By:, SA News Editor

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.