Zacks Investment Research upgraded shares of EOG Resources, Inc. (NYSE:EOG) from a sell rating to a hold rating in a report issued on Monday, August 7th.
According to Zacks, “EOG Resources holds premium acreages in three prospective oil plays in the U.S. – the Permian, Bakken and Eagle Ford shale plays. For 2017, the firm plans to complete 480 wells in those resources, higher than 445 recorded in 2016. During 2016, almost 50% of the wells drilled by the firm met the standard of premium wells. The company now expects 80% and 90% of the wells to meet the standards in 2017 and 2018, respectively. Also, in the promising U.S. shale plays, EOG Resources has identified 7,200 premium wells that can give it access to almost 6.5 billion barrels of oil equivalent estimated potential reserves over a period of 10 years. However, excessive dependence on the North American shale plays and rising long-term debt over the last two years raise concerns.”
Several other research firms also recently weighed in on EOG. Sanford C. Bernstein reiterated an outperform rating on shares of EOG Resources in a research report on Friday, July 7th. Stifel Nicolaus reiterated a buy rating and set a $111.00 target price on shares of EOG Resources in a research report on Friday, July 14th. ValuEngine upgraded EOG Resources from a sell rating to a hold rating in a research report on Friday, June 2nd. Citigroup Inc. downgraded EOG Resources from a buy rating to a neutral rating and reduced their target price for the stock from $112.00 to $98.00 in a research report on Friday, July 21st. Finally, Royal Bank Of Canada set a $115.00 target price on EOG Resources and gave the stock a hold rating in a research report on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of $108.54.
Shares of EOG Resources (EOG) traded up 0.85% during mid-day trading on Monday, reaching $84.09. 2,751,653 shares of the company traded hands. The company’s 50 day moving average is $90.89 and its 200 day moving average is $93.54. EOG Resources has a 52-week low of $83.29 and a 52-week high of $109.37. The stock’s market capitalization is $48.56 billion.
EOG Resources (NYSE:EOG) last posted its quarterly earnings data on Tuesday, August 1st. The energy exploration company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by $0.02. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.51 billion. EOG Resources had a negative net margin of 2.88% and a negative return on equity of 0.68%. The firm’s revenue was up 47.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.38) EPS. On average, equities analysts forecast that EOG Resources will post $0.61 earnings per share for the current year.
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In other news, EVP Lloyd W. Helms, Jr. sold 4,000 shares of EOG Resources stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $88.22, for a total value of $352,880.00. Following the completion of the transaction, the executive vice president now owns 70,987 shares in the company, valued at approximately $6,262,473.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in EOG. Cullinan Associates Inc. increased its stake in shares of EOG Resources by 14.6% in the first quarter. Cullinan Associates Inc. now owns 21,510 shares of the energy exploration company’s stock valued at $2,098,000 after buying an additional 2,740 shares during the period. Tompkins Financial Corp increased its stake in shares of EOG Resources by 33.9% in the first quarter. Tompkins Financial Corp now owns 2,980 shares of the energy exploration company’s stock valued at $216,000 after buying an additional 755 shares during the period. Baldwin Brothers Inc. MA increased its stake in shares of EOG Resources by 34.4% in the first quarter. Baldwin Brothers Inc. MA now owns 79,546 shares of the energy exploration company’s stock valued at $7,760,000 after buying an additional 20,369 shares during the period. Atria Investments LLC increased its stake in shares of EOG Resources by 35.1% in the first quarter. Atria Investments LLC now owns 4,988 shares of the energy exploration company’s stock valued at $487,000 after buying an additional 1,296 shares during the period. Finally, Inverness Counsel LLC NY increased its stake in shares of EOG Resources by 1.2% in the first quarter. Inverness Counsel LLC NY now owns 201,139 shares of the energy exploration company’s stock valued at $19,609,000 after buying an additional 2,305 shares during the period. 83.25% of the stock is currently owned by institutional investors and hedge funds.
EOG Resources Company Profile
EOG Resources, Inc explores for, develops, produces and markets crude oil and natural gas in major producing basins in the United States, The Republic of Trinidad and Tobago, the United Kingdom, The People’s Republic of China, Canada and, from time to time, select other international areas. Its operations are all crude oil and natural gas exploration and production related.
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