# Matador Resources Company (MTDR)

> Source: Nexqual · https://nexqual.com/MTDR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Matador Resources Company (MTDR), nexqual.com/MTDR" · informational, not investment advice.

**Price:** USD 56.79 (-1.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 56.79 · day 55.83–58.86 · 52w 37.14–66.84 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.92B, net income $724M (18.5% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold MTDR (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 16 Form 4 filings, $1.9M; 11 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.05 on a 1–5 scale) (22 analysts), mean target USD 71.1 (range 59–101).
- Total return with dividends: 1Y +44.8% vs S&P 500 +14.9%; 5Y +41.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.78, revenue estimate $1.06B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.86B | $3.20B | $2.82B | $3.50B | $3.70B | $3.92B |
| Gross profit | $1.80B | $3.10B | $2.69B | $3.34B | $3.49B | — |
| Operating income | $793M | $1.76B | $1.21B | $1.43B | $1.23B | $1.17B |
| Net income | $585M | $1.21B | $846M | $885M | $759M | $724M |
| EPS (diluted) | $4.91 | $10.11 | $7.05 | $7.14 | $6.09 | — |
| Free cash flow | $215M | $915M | -$1.36B | -$1.66B | $270M | — |
| Gross margin | 96.7% | 97.0% | 95.6% | 95.2% | 94.4% | — |
| Operating margin | 42.6% | 55.0% | 42.9% | 40.9% | 33.2% | 30.0% |
| Net margin | 31.4% | 38.0% | 30.0% | 25.3% | 20.5% | 18.5% |
| Revenue growth | +116.0% | +71.7% | -11.9% | +24.4% | +5.5% | — |
| Cash + short-term investments | $48.1M | $505M | $52.7M | $23.0M | $15.3M | — |
| Total debt | — | $1.16B | $2.21B | $3.33B | $3.40B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 7.0x, Dec 2024 7.9x, Dec 2023 8.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MTDR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 0.14% | $1.9M | Added +34.0% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.5M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
16 purchases, $1.9M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-27 | Calvert Christopher P | EVP and CFO | 2,500 | $142K | 56.64 | Too little history (no open-market trades in 2023) |
| 2026-08-26 | Foran Joseph Wm | Chairman and CEO | 555 | $30K | 54.49 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Foran Joseph Wm | Chairman and CEO | 400 | $21K | 53.64 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-12…2026-08-13 | Foran Joseph Wm | Chairman and CEO | 15,000 | $779K | 51.92 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10…2026-08-11 | Foran Joseph Wm | Chairman and CEO | 3,839 | $196K | 51.16 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Elsener William Thomas | EVP, Reservoir Engineering | 850 | $43K | 50.94 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Baty Robert Gaines | Director | 500 | $26K | 51.44 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Stetson Glenn W | EVP and COO | 500 | $27K | 53.41 | Too little history (no open-market trades in 2023) |
| 2026-06-09 | Foran Joseph Wm | Chairman and CEO | 2,000 | $106K | 53.07 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-08 | Ehrman Monika U | Director | 362 | $20K | 55.28 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04 | Foran Joseph Wm | Chairman and CEO | 2,000 | $113K | 56.25 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Colodney Benjamin T | SVP & Chief Accounting Officer | 250 | $13K | 53.41 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-29 | Calvert Christopher P | EVP and CFO | 1,500 | $80K | 53.24 | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Foran Joseph Wm | Chairman and CEO | 482 | $25K | 52.7 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-28 | Stetson Glenn W | EVP and COO | 500 | $27K | 53.94 | Too little history (no open-market trades in 2023) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 22 analysts; mean target USD 71.1 (low 59, high 101).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Mizuho | Target lowered | Outperform | $77 → $71 |
| 2026-10-15 | Scotiabank | Initiated | Sector Perform | $59 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $66 → $69 |
| 2026-10-14 | Truist Securities | Target raised | Buy | $59 → $65 |
| 2026-10-14 | Wells Fargo | Target lowered | Overweight | $77 → $76 |
| 2026-09-15 | Keybanc | Target raised | Overweight | $68 → $73 |
| 2026-09-14 | UBS | Target raised | Neutral | $56 → $64 |
| 2026-09-03 | Seaport Global | Initiated | Neutral |  |
| 2026-09-02 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $79 → $77 |
| 2026-08-13 | Wells Fargo | Target raised | Equal-Weight | $63 → $79 |
| 2026-08-13 | Keybanc | Target lowered | Overweight | $73 → $68 |
| 2026-08-11 | Citigroup | Target lowered | Buy | $68 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +44.8% | +41.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +44.9% | +7.1% |
| Volatility (annualized) | 41.4% | 47.2% |
| Max drawdown | -29.1% (Mar 2026→Jul 2026) | -44.2% (Apr 2024→Mar 2025) |

## Peers (Oil & Gas E&P)
MGY (Magnolia Oil & Gas Corporation) USD 25.27 -0.63% · VIST (Vista Energy S.A.B. de C.V.) USD 70.61 -1.16% · MUR (Murphy Oil Corporation) USD 42.37 -1.37% · CHRD (Chord Energy Corporation) USD 150.48 -0.25% · SM (SM Energy Company) USD 38.42 -0.49% · CNX (CNX Resources Corporation) USD 35.73 +1.62%

## More
Full page: https://nexqual.com/MTDR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MTDR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1520006/000152000626000002/mtdr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | San Mateo Midstream II | "On February 25, 2019, we announced the formation of San Mateo Midstream II, LLC ("San Mateo II"), a strategic joint venture with Five Point designed to expand our midstream operations in the Delaware Basin, specifically …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil revenues | $1.13B | 96.0% | +56.6% |
| Oil and natural gas revenues | $1.09B | 92.7% | +33.3% |
| Third-party midstream services revenues | $44.6M | 3.8% | +6.2% |
| Sales of purchased natural gas | $41.2M | 3.5% | -39.3% |
| Total revenue | $1.17B | 100% | — |
The lines above cover 196% of total revenue.

## Customer concentration

Period ended 2025-12-31: 49%, 13%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-05)

- "Matador successfully managed these challenges and produced oil volumes exceeding the upper end of May 2026 guidance estimates for the quarter."
- "Midstream infrastructure and integration; capital associated with infrastructure integration related to assets acquired in the Federal lease sale and the Cardinal Midstream acquisition. "Most importantly, I am pleased to report well-level capital discipline and efficiencies remain intact, with Matador's overall costs per completed lateral foot expected to remain firm at $785 to $805 for 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.78 | $1.60 | +11.6% | $1.06B | 22 |
| Next quarter (ends 2026-12-31) | $2.36 | $1.73 | +36.1% | $1.22B | 18 |
| Current fiscal year (ends 2026-12-31) | $8.24 | $6.83 | +20.6% | $4.21B | 19 |
| Next fiscal year (ends 2027-12-31) | $10.19 | $8.31 | +22.7% | $4.95B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±10.7%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.9% | ±10.7% |
| 2026-12-18 | 56 | 43.3% | ±13.7% |
| 2027-01-15 | 84 | 42.4% | ±16.4% |
| 2027-03-19 | 147 | 41.2% | ±20.9% |
| 2027-06-17 | 237 | 41.7% | ±26.4% |
| 2027-09-17 | 329 | 41.1% | ±30.5% |