As previously reported, MKM Partners analyst John Gerdes downgraded Matador Resources to Neutral from Buy with a $22 price target. The analyst cites valuation after the 14% appreciation in the stock price from levels earlier this month, outperforming its broader sector by about 10%. The analyst also notes the company's spending strategy to generate its "highly competitive" rate of growth, saying that while its expected annualized production growth of 13% through 2021 tops the industry median rate of 6%, Matador also has a "negative free cash flow imbalance this year" of about $400M or 80% vs. the industry mean positive cash flow imbalance of about 10%.

Mizuho raised the firm's price target on Matador to $78 from $76 and keeps a Buy rating on the shares post the Q1 report. The company "cleared the bar" for guidance with Q2 oil volumes 1% above consensus, the analyst tells investors in a research note.

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Average production of 149,760 BOE per day. Joseph Wm. Foran, Matador's Founder, Chairman and CEO, commented, "Matador is pleased to report another quarter that exceeded our original expectations due to the excellent operational and financial execution by the Matador team. This outcome reflects a total team effort and a long-term approach to managing Matador's business that has resulted in Matador outperforming the S&P 500, our peer group and the price of crude oil over the last three years. Going forward, we remain focused-as a team-on profitable growth at a measured pace, which has resulted in over 30% oil production growth annually since we became a public company in 2012. Our Board, executive team and staff are increasingly excited about the outlook for the remainder of 2024 and beyond, as we continue to work together to build the value of Matador for our shareholders and other interest owners."