Matador's San Mateo JV Buys Cardinal Midstream for $752M, Secures $650M Loan; MS Cuts PT
MTDR sits 34% above its 52-week low of $37.14.
Summary
Matador Resources' midstream joint venture, San Mateo, will acquire Cardinal Midstream's operating units for $752 million cash. This significant acquisition, which expands Matador's Delaware Basin footprint, will be partly financed by a new term loan of up to $650 million. This news provides the specific financial terms for the acquisition announced yesterday. Separately, Morgan Stanley lowered its price target for Matador Resources from $75 to $66, while keeping an Equal-Weight rating, signaling a more cautious outlook despite the strategic expansion.
At the time of this announcement, MTDR was trading at $49.76 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $37.14 to $66.84. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.