Matador Resource Co. (NYSE:MTDR) broke out on 17 November at 9.09 and confirmed on 30 December at 12.50 garnering a Buy rating today.
There is Strong support at 11.88 and no resistance over 13.77. Our overall technical analysis is Very Bullish across the board with a long term target price at 33.50.
Matador Resources Company, an independent energy company, engages in the exploration, development, production, and acquisition of Crude Oil & Nat Gas resources in the United States.
MTDR operates in 2 segments, Exploration and Production; and Midstream. The company primarily holds interests in the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.
It also operates the Eagle Ford shale play in South Texas; and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. In addition, the company conducts midstream operations in support of its exploration, development, and production operations; provides nat gas processing and oil transportation services; and offers oil, nat gas, and salt water gathering services, as well as salt water disposal services to third parties.
As of 31 December 2019, its estimated total proved oil and natural gas reserves were 252.5-M bbl of oil equivalent, including 148.0-M stock tank bbls of Crude Oil and 627.2-B cft of Nat Gas.
The company was formerly known as Matador Holdco, Inc. and changed its name to Matador Resources Company in August 2011.
Matador Resources Company was founded in Y 2003 and is HQ’d in Dallas, Texas.
Have a healthy Happy New Year, Keep the Faith!