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Matador (MTDR) Up 0.3% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for Matador Resources (MTDR - Free Report) . Shares have added about 0.3% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Matador due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Matador Resources Company before we dive into how investors and analysts have reacted as of late.
Matador Q1 Earnings Beat Estimates on Higher Production Volumes
Matador Resources reported first-quarter 2026 adjusted earnings of $1.53 per share, down 23.1% from $1.99 a year ago. The bottom line beat the Zacks Consensus Estimate of $1.24 by 23.4%.
Total revenues were $671.6 million, down 33.8% from $1,014 million in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $883.3 million by 24.0%.
Better-than-expected quarterly earnings were driven by increased total production volumes and slightly lower operating expenses. The positives were partially offset by lower natural gas price realizations.
MTDR’s Upstream Business in Q1
Matador Resources is primarily involved in oil and gas exploration and production activities in the United States. The company’s overall financial performance is heavily dependent on the oil and gas pricing environment. Most of MTDR’s production comprises oil (58% of total first-quarter production), making oil prices a major factor in determining the company’s earnings.
The average oil production was 120,277 barrels per day (Bbl/D), reflecting a 4.6% increase from the prior-year figure of 115,030. The figure also beat our estimate of 116,217.3 Bbl/D. Natural gas production was recorded at 523.9 million cubic feet per day (MMcf/D), up from 501.6 MMcf/D recorded a year ago. The reported figure came in higher than our estimate of 519.7 MMcf/D.
Total oil equivalent production in the first quarter was 207,594 barrels of oil equivalent (BOE/D), reflecting a 4.5% increase from the year-ago quarter’s figure of 198,631 BOE/D. The figure also exceeded our projection of 202,834.8 BOE/D. The company’s production volumes exceeded the midpoint of the guidance range by 3%, primarily due to the sustained outperformance of Matador Resources’ producing wells and those brought into production in the first quarter of 2026.
Matador Resources turned 36 net operated wells to production in the quarter, including a large portion in late February and March.
Matador Resources Faces Waha Gas Price Collapse
A key pressure point in the quarter was natural gas pricing. Matador’s average realized natural gas price, excluding hedging, was 64 cents per thousand cubic feet (Mcf), sharply down from $3.56 per Mcf in the first quarter of 2025. The figure came in lower than our estimate of $2.74 per Mcf. The natural gas price decline was driven by a collapse in Waha prices, which forced roughly 3,000 BOE/D in voluntary shut-ins. Winter Storm Fern forced additional well shut-ins due to freezing conditions.
The average sales price for oil (excluding realized derivatives) was $72.83 per barrel, up from $72.38 a year ago. The commodity price was higher than our projection of $71.74 per barrel.
MTDR’s Operating Expenses
MTDR’s midstream operating expenses increased to $2.96 per BOE from the year-earlier level of $2.90.
Lease operating costs decreased to $5.76 per BOE from $5.84 a year ago. Our projection for the metric was $5.25 per BOE. General and administrative expenses increased to $2.09 per BOE from the year-earlier level of $1.89. Our estimate for the same was $1.89.
Transportation and processing costs declined to 79 cents per BOE from $1.12 per BOE in the year-ago quarter. Taxes other than income also declined to $3.79 per BOE from $4.31 recorded in the year-ago quarter.
Overall, total operating expenses per BOE were $31.06, lower than the prior-year figure of $31.83 and above our estimate of $29.79 per BOE.
Balance Sheet & Capital Spending of MTDR
As of March 31, 2026, MTDR had cash and restricted cash of $92.5 million and long-term debt of $4,782.4 million.
Matador Resources’ first-quarter total capital expenditures were $428.1 million, which is within the company’s guidance range of $415 million to $435 million. Meanwhile, the company spent $377.4 million on well drilling, completion and equipment.
MTDR 2026 Guidance Rises
Matador Resources increased its full-year 2026 production guidance while keeping its capital budget unchanged. The company now expects full-year 2026 oil production to be in the range of 123,000-125,000 Bbl/D and total production to be between 210,500 BOE/D and 216,000 BOE/D. Total capital expenditures are unchanged at $1.45 - $1.55 billion.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
Currently, Matador has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. Following the exact same course, the stock has a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Matador has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Matador is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Devon Energy (DVN - Free Report) , a stock from the same industry, has gained 1.5%. The company reported its results for the quarter ended March 2026 more than a month ago.
Devon Energy reported revenues of $3.81 billion in the last reported quarter, representing a year-over-year change of -14.5%. EPS of $1.04 for the same period compares with $1.21 a year ago.
Devon Energy is expected to post earnings of $1.20 per share for the current quarter, representing a year-over-year change of +42.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -17.9%.
Devon Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Matador (MTDR) Up 0.3% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Matador Resources (MTDR - Free Report) . Shares have added about 0.3% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Matador due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Matador Resources Company before we dive into how investors and analysts have reacted as of late.
Matador Q1 Earnings Beat Estimates on Higher Production Volumes
Matador Resources reported first-quarter 2026 adjusted earnings of $1.53 per share, down 23.1% from $1.99 a year ago. The bottom line beat the Zacks Consensus Estimate of $1.24 by 23.4%.
Total revenues were $671.6 million, down 33.8% from $1,014 million in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $883.3 million by 24.0%.
Better-than-expected quarterly earnings were driven by increased total production volumes and slightly lower operating expenses. The positives were partially offset by lower natural gas price realizations.
MTDR’s Upstream Business in Q1
Matador Resources is primarily involved in oil and gas exploration and production activities in the United States. The company’s overall financial performance is heavily dependent on the oil and gas pricing environment. Most of MTDR’s production comprises oil (58% of total first-quarter production), making oil prices a major factor in determining the company’s earnings.
The average oil production was 120,277 barrels per day (Bbl/D), reflecting a 4.6% increase from the prior-year figure of 115,030. The figure also beat our estimate of 116,217.3 Bbl/D. Natural gas production was recorded at 523.9 million cubic feet per day (MMcf/D), up from 501.6 MMcf/D recorded a year ago. The reported figure came in higher than our estimate of 519.7 MMcf/D.
Total oil equivalent production in the first quarter was 207,594 barrels of oil equivalent (BOE/D), reflecting a 4.5% increase from the year-ago quarter’s figure of 198,631 BOE/D. The figure also exceeded our projection of 202,834.8 BOE/D. The company’s production volumes exceeded the midpoint of the guidance range by 3%, primarily due to the sustained outperformance of Matador Resources’ producing wells and those brought into production in the first quarter of 2026.
Matador Resources turned 36 net operated wells to production in the quarter, including a large portion in late February and March.
Matador Resources Faces Waha Gas Price Collapse
A key pressure point in the quarter was natural gas pricing. Matador’s average realized natural gas price, excluding hedging, was 64 cents per thousand cubic feet (Mcf), sharply down from $3.56 per Mcf in the first quarter of 2025. The figure came in lower than our estimate of $2.74 per Mcf. The natural gas price decline was driven by a collapse in Waha prices, which forced roughly 3,000 BOE/D in voluntary shut-ins. Winter Storm Fern forced additional well shut-ins due to freezing conditions.
The average sales price for oil (excluding realized derivatives) was $72.83 per barrel, up from $72.38 a year ago. The commodity price was higher than our projection of $71.74 per barrel.
MTDR’s Operating Expenses
MTDR’s midstream operating expenses increased to $2.96 per BOE from the year-earlier level of $2.90.
Lease operating costs decreased to $5.76 per BOE from $5.84 a year ago. Our projection for the metric was $5.25 per BOE. General and administrative expenses increased to $2.09 per BOE from the year-earlier level of $1.89. Our estimate for the same was $1.89.
Transportation and processing costs declined to 79 cents per BOE from $1.12 per BOE in the year-ago quarter. Taxes other than income also declined to $3.79 per BOE from $4.31 recorded in the year-ago quarter.
Overall, total operating expenses per BOE were $31.06, lower than the prior-year figure of $31.83 and above our estimate of $29.79 per BOE.
Balance Sheet & Capital Spending of MTDR
As of March 31, 2026, MTDR had cash and restricted cash of $92.5 million and long-term debt of $4,782.4 million.
Matador Resources’ first-quarter total capital expenditures were $428.1 million, which is within the company’s guidance range of $415 million to $435 million. Meanwhile, the company spent $377.4 million on well drilling, completion and equipment.
MTDR 2026 Guidance Rises
Matador Resources increased its full-year 2026 production guidance while keeping its capital budget unchanged. The company now expects full-year 2026 oil production to be in the range of 123,000-125,000 Bbl/D and total production to be between 210,500 BOE/D and 216,000 BOE/D. Total capital expenditures are unchanged at $1.45 - $1.55 billion.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
Currently, Matador has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. Following the exact same course, the stock has a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Matador has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Matador is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Devon Energy (DVN - Free Report) , a stock from the same industry, has gained 1.5%. The company reported its results for the quarter ended March 2026 more than a month ago.
Devon Energy reported revenues of $3.81 billion in the last reported quarter, representing a year-over-year change of -14.5%. EPS of $1.04 for the same period compares with $1.21 a year ago.
Devon Energy is expected to post earnings of $1.20 per share for the current quarter, representing a year-over-year change of +42.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -17.9%.
Devon Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.