BofA lowered the firm’s price target on Matador (MTDR) to $50 from $55 and keeps a Buy rating on the shares after the company announced that it had entered into multiple natural gas transportation and marketing agreements. Prior to these agreements, the firm estimates that roughly half of Matador’s dry gas was exposed to Waha pricing, but with this announcement, it sees that exposure effectively eliminated. The firm updated its 2025 and 2026 capex and oil production estimates based on Q3 results, Q4 guidance, and the preliminary 2026 outlook, the analyst noted.
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