09:05 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $68, up $4, reflects a 5.9x multiple of EV to projected 2024 EBITDA, above MTDR's historical average. We think a premium is merited due to MTDR's sub-1.0x net debt-to-EBITDA ratio (0.75x). We lift our 2024 EPS view by $0.41 to $7.34 and 2025's by $0.85 to $7.89. Q1 EPS of $1.71 vs. $1.50, beat consensus by $0.16. Q1 revenue (~$788M) rose 41% Y/Y, driven by sales of purchased natural gas (+44%). Production (~150k boe/d) grew 40% Y/Y due to robust crude oil volumes (+44%). As a result, MTDR revised its 2024 production guide, with production now expected to be at the high end of its prior outlook (153k-159k boe/d vs. 131k boe/d in 2023), while keeping its capex guide intact (midpoint of $1.4B vs. $1.3B in 2023). However, we think MTDR's 2024 expectations might be too aggressive (+20% Y/Y production growth; +8% capex growth), given that its peers, by our estimation, are keeping their 2024 production levels flat from 2023 while reducing their capex spending by around 9%. Shares yield 1.2%.