Matador price target raised to $91 from $87 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Matador to $91 from $87 and keeps a Buy rating on the shares after it announced Ameredev unit acquisition. The company continued its strategic ways by adding assets that compliment its existing Delaware position, and this deal should quickly boost its free cash flows after the assumed Q3 close with the new and improved free cash flows providing incremental fire power to quickly repay debt, the analyst tells investors in a research note. Truist adds that it sees no change to the existing base dividend with the likely lower than peer average near-term to medium-term shareholder return, allowing Matador the ability to quickly address the incremental debt.