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MTDR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Matador Resources Company (MTDR) stock moving?
Matador beat Q3 2026 expectations on both sides: adjusted EPS of $2.08 versus $1.90 and sales of $1.222B versus $1.107B. Production reached a record 230,470 BOE per day, up 10% year over year and 3% above guidance, while CapEx of $381M came in 10% below the guidance midpoint. The company repaid $150M of debt in October, expects leverage near 1.5x by year-end, raised its quarterly dividend 17% to $0.4375, and reported reserves up 16% to 771 million BOE. Despite this, the stock fell from a 30-day high of $60.35 on Oct 30 to $50.34 on Nov 10, a drop of about 17%. The slide began on Nov 2 (down 8.4% to $55.27 on 2.0M shares, before the Nov 3 earnings release) and deepened on Nov 4 (close $49.93 on 3.45M shares, about 1.8x the 14-day average), so the sell-off came despite the beat. The provided news does not explain the decline. Since then the shares have held in a roughly $48.2 to $50.6 band, near the bottom of the window. Supportive signals include a $256,800 open-market purchase by CEO Joseph Foran at about $51.36 on Nov 9 and Truist's Buy rating with a $66 target, raised Nov 5. The dividend record date is Nov 10. Commodity-price exposure, the 10-Q filed Nov 6 (no content provided), and the reason for the post-earnings selling are not covered in the supplied data.
News behind the analysis
- Matador Resources CEO Joseph Wm Foran Purchases $256,800 in Company StockCEO Joseph Wm Foran bought 5,000 shares of common stock in a transaction valued at $256,800, roughly $51.36 per share.
- Truist Securities Maintains Buy on Matador Resources, Raises Price Target to $66Truist kept its Buy rating on MTDR and raised its price target to $66, about 31% above the Nov 10 close of $50.34.
- Matador Resources Q3 2026 Earnings Call TranscriptBenzinga published the transcript of the Q3 2026 earnings call, held on Wednesday, Nov 4.
- Matador Resources Reports Q3 2026 Earnings and Revenue BeatQ3 2026 results beat analyst expectations for both revenue and earnings per share, per the Barchart report.
- Matador Resources Q3 Adj. EPS $2.08 Beats $1.90 Estimate, Sales $1.222B Beat $1.107B EstimateAdjusted EPS of $2.08 beat the $1.90 estimate, and sales of $1.222B beat the $1.107B estimate. Q3 production was 230,470 BOE per day, up 10% year over year, and CapEx was $381M, 10% below the guidance midpoint.
- Matador Resources Company Announces Expansion of San Mateo's Delaware Basin Infrastructure and New Long-Term AgreementsMidstream subsidiary San Mateo is expanding its Delaware Basin infrastructure and has signed new long-term commercial agreements.
- Matador Midstream Says San Mateo Subsidiaries Secure New Long-Term Gas Gathering And Processing Agreements In Northern Delaware BasinSan Mateo subsidiaries secured new long-term gas gathering and processing agreements in the northern Delaware Basin.
About MATADOR RESOURCES COMPANY
Matador Resources is a Dallas-based independent oil and gas producer that drills mainly in the Delaware Basin, part of the Permian Basin in New Mexico and West Texas. Unusually for a producer its size, it also owns a midstream business, San Mateo, which gathers and processes gas and handles water. It has also grown through a string of acquisitions, including Ameredev in 2024 and Paloma in 2026.
How it makes money
Most of its revenue comes from selling the crude oil, natural gas and natural gas liquids it pumps from its own wells, and oil brings in the largest share. Recent production was roughly 230,000 barrels of oil equivalent per day. A smaller slice comes from San Mateo's fees for gathering, processing and water handling; that business made about $325 million in EBITDA (a rough measure of operating cash earnings) in 2025. Quarterly revenue was about $1.16 billion in Q3 2026. The company also pays a dividend, recently raised to about $1.75 a share per year.
What usually moves MTDR
- Crude oil and natural gas prices
- Permian gas pipeline capacity and Waha hub price differentials
- Production growth and drilling efficiency
- Debt levels after acquisitions
- Midstream (San Mateo) results