Matador Resources
Drills Wolfcamp and Bone Spring acreage in the Delaware Basin and shares a midstream joint venture.
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Profile
Explores for, develops, and produces oil and gas concentrated in the Wolfcamp and Bone Spring plays of the Delaware Basin in southeast New Mexico and west Texas, with legacy gas acreage in northwest Louisiana. A majority-owned midstream joint venture gathers and processes gas, oil, and produced water for its own wells and outside operators.
Explores for, develops, and produces oil and natural gas concentrated in the Wolfcamp and Bone Spring plays of the Delaware Basin, across southeast New Mexico and west Texas. Legacy gas acreage sits in northwest Louisiana; a former Eagle Ford position was divested.
Growth has come mainly through bolt-on acquisitions of adjacent Delaware Basin acreage from private-equity-backed sellers, a strategy pursued since the company's 2012 listing. Founder Joseph Wm. Foran has led it continuously since founding in 2003.
A majority-owned midstream joint venture with a private infrastructure partner gathers, treats, and processes natural gas, oil, and produced water, serving both its own wells and outside Delaware Basin producers, and has itself grown through acquisitions of additional gathering and processing assets.
Company facts
Key statistics
Year to date +30.0% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | KeyBanc | Reiterate | Overweight | $72 | $68 | |
| Aug 12, 2026 | Wells Fargo | Reiterate | Positive | $63 | $79 | |
| Aug 10, 2026 | Truist Financial | Target | $63 | $59 | ||
| Jul 28, 2026 | Stephens | Reiterate | Overweight | $86 | $93 | |
| Jul 27, 2026 | UBS | Reiterate | Neutral | $56 | $54 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $2.08 | $2.61 | +25.5% | $1.06B | $1.19B | +11.7% | +3.47% |
| May 6, 2026Q1 FY26 | $1.24 | $1.53 | +23.4% | $871.6M | $671.6M | −22.9% | −3.79% |
| Feb 24, 2026Q4 FY25 | $0.71 | $0.87 | +22.5% | $803.4M | $848.0M | +5.5% | −1.54% |
| Oct 21, 2025Q3 FY25 | $1.22 | $1.36 | +11.5% | $826.8M | $915.1M | +10.7% | −9.63% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $925.7M | $915.1M | $848.0M | $941.6M | $1.19B | |
| Gross profit | $416.8M | $351.2M | $321.0M | $2.19B | $443.8M | $1.04B | |
| Operating income | $389.2M | $319.0M | $306.0M | $212.4M | $316.8M | $577.3M | |
| Net income | $240.1M | $150.2M | $176.4M | $192.5M | −$35.9M | $390.7M | |
| Diluted EPS | $1.92 | $1.21 | $1.42 | $1.55 | −$0.29 | $3.15 | |
| Gross margin | 41.4% | 37.9% | 35.1% | 258.4% | 47.1% | 87.6% | |
| Operating margin | 38.7% | 34.5% | 33.4% | 25.0% | 33.6% | 48.7% |
Fiscal years (4-quarter sums)FY21 $1.86B · FY22 $3.09B · FY23 $2.82B · FY24 $3.48B · FY25 $3.69B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $26.3M · Total debt $3.30B · Total assets $13.49B · Shareholders' equity $5.93B
Dividends
Raised for 4 straight years — most recently to $0.375 from $0.3125 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 10, 2026 | Aug 10 | Sep 8 | $0.375 | |
| May 8, 2026 | May 8 | Jun 5 | $0.375 | |
| Feb 27, 2026 | Feb 27 | Mar 10 | $0.375 | |
| Nov 10, 2025 | Nov 10 | Dec 5 | $0.375 | raised from $0.3125 |
| Aug 15, 2025 | Aug 15 | Sep 5 | $0.3125 | |
| May 9, 2025 | May 9 | Jun 6 | $0.3125 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.3125 | raised from $0.25 |
| Nov 15, 2024 | Nov 15 | Dec 6 | $0.25 | raised from $0.20 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 124.18M · Float 115.12M · 92.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.53M | 9.28% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 8.13M | 6.55% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 7.09M | 5.71% | 13F | Aug 11, 2026 |
| State Street Corp | 5.24M | 4.22% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 5.10M | 4.11% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Joseph Wm Foran | director, officer: Chairman and CEO | +555 | $54.49 |
| Aug 17, 2026 | Joseph Wm Foran | director, officer: Chairman and CEO | +400 | $53.64 |
| Aug 13, 2026 | Joseph Wm Foran | director, officer: Chairman and CEO | +5,000 | $51.44 |
| Aug 12, 2026 | Joseph Wm Foran | director, officer: Chairman and CEO | +10,000 | $52.16 |
| Aug 10, 2026 | William Thomas Elsener | officer: EVP, Reservoir Engineering | +850 | $50.94 |
Peers
- Permian Resources
Delaware Basin pure-play running a near-identical bolt-on strategy
- Diamondback Energy
Dominant Permian pure-play with a large secondary Delaware Basin position
- Devon Energy
Newly enlarged Delaware Basin anchor after completing the Coterra merger
- APA
Similar-scale Permian producer diversified into Egypt and Suriname
- Comstock Resources
Haynesville shale gas pure-play overlapping the legacy Louisiana position
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Matador Resources | $56.39 | +0.04% | $7.00B | 9.7 | 7.3 | 1.8 | +28.2% |
| Permian Resources | $22.86 | +0.82% | $19.01B | 15.0 | 10.3 | 3.3 | +55.2% |
| Diamondback Energy | $197.67 | −0.03% | $55.61B | 38.6 | 10.7 | 3.3 | +32.1% |
| Devon Energy | $47.48 | +0.26% | $52.09B | 11.2 | 9.5 | 2.6 | +83.2% |
| APA | $42.61 | +0.18% | $15.04B | 9.0 | 9.5 | 1.7 | +10.2% |
| Comstock Resources | $14.40 | +0.73% | $4.20B | 8.2 | 32.8 | 2.2 | −24.9% |
| Median | 11.2 | 10.3 | 2.6 | +32.1% |