On Friday, KLR released rating reports including a note by analyst John Gerdes, downgrading Matador Resources MTDR from Accumulate to Hold with a price target of $23.
MTDR currently runs a two-rig program in the South Texas Eagle Ford shale and a one-rig program in Delaware Basin.
KLR calculated a 17.5 percent equity return to determine net present value of cash flow, yielding a 5% depreciation of about $23 a share. This valuation defends the downgrade and price target.
MTDR closed previously on Thursday at $24.24 and is currently trading down five percent at the $23 level.
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