Mizuho raises Matador Resources stock target to $76 citing strong growth strategy

Mizuho raises Matador Resources stock target to  citing strong growth strategy

© Reuters.

On Monday, Mizuho Securities updated its financial outlook for Matador Resources Company (NYSE:), a Dallas-based energy company, raising its stock price target to $76 from $67 previously. The company maintains a Buy rating on the stock, reflecting its confidence in the company’s continued growth strategy and operational updates.

The price target adjustment is based on an updated net asset value (NAV) model and financial forecasts that take into account 2023 year-end reserves, revised type curves and forecasts of the company for 2024.

Matador Resources has executed a differentiated growth plan, which focuses on the recently acquired Advance permit. This area is expected to represent approximately 20% of the company’s planned activities in 2024.

Matador Resources reported strong performance on the Advance permit, which contributed to the company’s positive outlook. The company is expected to overcome constraints in the third-party midstream sector, which should enable Matador Resources to resume sequential growth from the second quarter of 2024.

The stock price target raised to $76 per share from $67 previously reflects the company’s strategic positioning and potential for increased value creation. Mizuho’s continued Buy rating indicates a favorable view of Matador Resources stock for potential investors.

The company’s analysis suggests that the energy company is well positioned for growth in the coming year, supported by its strategic initiatives and asset performance.

This article was generated with the support of AI and reviewed by an editor. For more information, consult our General Terms and Conditions.

Source Reference

Latest stories