Matador price target raised to $78 from $67 at Cowen

Cowen analyst Gabe Daoud raised the firm’s price target on Matador to $78 from $67 and keeps an Outperform rating on the shares. The analyst noted they announced the largest deal in company history with a $1.6B acquisition of EnCap backed Advance Energy. The firm views the deal as adding acreage with largely similar productivity at a fair price and 75% of the acreage is not on federal land reducing permitting risk.