Matador upgraded at BMO Capital As noted earlier, BMO Capital upgraded Matador to Outperform from Market Perform. The firm cited optimism about the company's near-term and longer term well results as reasons for the upgrade. Target to $32 from $28.
Matador reports Q3 production up 19% to 1.5 MBOE Matador Resources provided the following update of its ongoing operations. Matador is pleased to announce its quarterly production results for the three months ended September 30, which were the best quarterly oil equivalent production and quarterly oil production results in the company’s history. Oil equivalent production increased 19% year over year from approximately 1.24 MBOE or an average of about 13,500 BOE per day in 3Q13 to approximately 1.5 MBOE or an average of about 16,100 BOE per day in Q3. Oil equivalent production increased approximately 6% sequentially quarter over quarter from approximately 1.4 MBOE or an average of about 15,400 BOE per day in the second quarter of 2014 and increased 38% from approximately 1.1 MBOE or an average of about 11,900 BOE per day in Q1.