Why Matador Resources Stock Surged 20% in May
Shares of Matador Resources (NYSE: MTDR) soared 20.8% in May, according to data provided by S&P Global Market Intelligence. Fueling the rally in the oil stock was a historic rebound in oil prices and a bullish analyst note.
In early May, an analyst at Imperial Capital raised their price target on Matador's stock from $6 per share to $11 per share. Imperial also maintained its outperform rating. One factor fueling that bullish view was Matador's stronger-than-expected first-quarter results, which it reported in late April. Imperial also has an optimistic outlook, believing that the oil producer will deliver better midstream and upstream results in 2020 and 2021.
Image source: Getty Images.
Source Fool.com
