Matador price target raised to $89 from $88 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on Matador to $89 from $88 and keeps an Overweight rating on the shares. Matador’s robust operational momentum continues with efficiency gains reducing costs and accelerating activity, the firm says. The implied stand-alone Q4 guide suggests an improved pro forma outlook, supporting Wells’ favorable long-term view of a differentiated oil growth story.