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Matador Resources Closes Offering of Senior Unsecured Notes
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Matador Resources Company (MTDR - Free Report) announced the closing of private offering of $750 million of 5.875% senior unsecured notes due 2026. The company was able to raise net proceeds of about $740 million. The amount is adjusted for the initial purchasers’ discounts and estimated offering expenses.
Proceeds from the offering are likely to be used for financing its earlier announced tender offer to purchase any and all of its outstanding 6.875% senior unsecured notes due 2023. The purchase is subject to certain conditions. The offer was made post an Offer to Purchase dated Aug 7, 2018. The remaining proceeds are expected to be utilized for the redemption of any outstanding tender notes and for other general working capital needs.
Headquartered in Dallas, TX, Matador Resources is among the leading oil and gas explorer in the shale as well as unconventional resources in the United States. The company’s upstream operations are primarily concentrated in the Delaware and Midland basins — two sub-basins of Permian — and South Texas’ Eagle Ford shale. The company also operates in the Cotton Valley and Haynesville shale resources.
The company has an excellent earnings surprise history, beating the Zacks Consensus Estimate in all the trailing four quarters, with an average positive surprise of31.4%. We expect the company to record earnings growth of 102.8% and 17.9% in 2018 and 2019, respectively.
Price Performance
Matador Resources has outperformed the industry in the past year. The company’s shares have returned 36.4% compared with the industry's 20.4% rally.
Zacks Rank & Stocks to Consider
Matador Resources currently carries a Zacks Rank #3 (Hold).
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Helix Energy offers specialty services to the offshore energy industry. The company delivered an average positive earnings surprise of 66.7% in the trailing four quarters.
TC Pipelines purchases, owns and actively participates in the management of U.S.-based natural gas pipelines and related assets. The company delivered an average positive earnings surprise of 3.7% in the last four quarters.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Matador Resources Closes Offering of Senior Unsecured Notes
Matador Resources Company (MTDR - Free Report) announced the closing of private offering of $750 million of 5.875% senior unsecured notes due 2026. The company was able to raise net proceeds of about $740 million. The amount is adjusted for the initial purchasers’ discounts and estimated offering expenses.
Proceeds from the offering are likely to be used for financing its earlier announced tender offer to purchase any and all of its outstanding 6.875% senior unsecured notes due 2023. The purchase is subject to certain conditions. The offer was made post an Offer to Purchase dated Aug 7, 2018. The remaining proceeds are expected to be utilized for the redemption of any outstanding tender notes and for other general working capital needs.
Headquartered in Dallas, TX, Matador Resources is among the leading oil and gas explorer in the shale as well as unconventional resources in the United States. The company’s upstream operations are primarily concentrated in the Delaware and Midland basins — two sub-basins of Permian — and South Texas’ Eagle Ford shale. The company also operates in the Cotton Valley and Haynesville shale resources.
The company has an excellent earnings surprise history, beating the Zacks Consensus Estimate in all the trailing four quarters, with an average positive surprise of31.4%. We expect the company to record earnings growth of 102.8% and 17.9% in 2018 and 2019, respectively.
Price Performance
Matador Resources has outperformed the industry in the past year. The company’s shares have returned 36.4% compared with the industry's 20.4% rally.
Zacks Rank & Stocks to Consider
Matador Resources currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) , or Petrobras SA, Helix Energy Solutions Group, Inc (HLX - Free Report) and TC Pipelines, LP . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Helix Energy offers specialty services to the offshore energy industry. The company delivered an average positive earnings surprise of 66.7% in the trailing four quarters.
TC Pipelines purchases, owns and actively participates in the management of U.S.-based natural gas pipelines and related assets. The company delivered an average positive earnings surprise of 3.7% in the last four quarters.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>