Zacks Investment Research upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a research note released on Tuesday. The brokerage currently has $126.00 price target on the energy exploration company’s stock.
According to Zacks, “EOG Resources holds premium acreages in the Permian, Bakken and Eagle Ford oil shale plays in the United States. We appreciate the firm’s plan to complete 505 wells in the resources in 2017, significantly higher than 443 recorded in 2016. Notably, during 2016, almost 50% of the wells drilled by the firm met the standard of premium wells. The company expected 80% and 90% of the wells to meet the standards in 2017 and 2018, respectively. In the promising U.S. shale plays, EOG Resources has identified 8,000 premium wells that can give access to almost 7.3 billion barrels of oil equivalent estimated potential reserves over a period of 10 years. The upstream energy player’s pricing chart history is also impressive. Over the past year, the stock has rallied 9%, outperforming the Zacks Oil & Gas U.S Exploration industry’s 11.6% decline.”
EOG has been the topic of several other reports. Robert W. Baird cut their target price on shares of EOG Resources from $115.00 to $114.00 and set an outperform rating on the stock in a research note on Monday, December 18th. Imperial Capital began coverage on shares of EOG Resources in a research note on Thursday, September 28th. They set an outperform rating and a $115.00 target price on the stock. Morgan Stanley raised shares of EOG Resources from an equal weight rating to an overweight rating and boosted their target price for the company from $97.00 to $106.00 in a research note on Tuesday, September 12th. Barclays boosted their target price on shares of EOG Resources from $117.00 to $120.00 and gave the company an overweight rating in a research note on Monday, November 20th. Finally, BMO Capital Markets set a $105.00 target price on shares of EOG Resources and gave the company a buy rating in a research note on Tuesday, October 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $114.38.
EOG Resources (NYSE:EOG) last posted its quarterly earnings results on Thursday, November 2nd. The energy exploration company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.07. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.59 billion. EOG Resources had a return on equity of 1.73% and a net margin of 0.10%. The firm’s revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) earnings per share. sell-side analysts predict that EOG Resources will post 0.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th will be issued a dividend of $0.1675 per share. This represents a $0.67 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Tuesday, January 16th. EOG Resources’s dividend payout ratio is currently 6,700.00%.
In other news, President Gary L. Thomas sold 2,000 shares of the business’s stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $107.95, for a total transaction of $215,900.00. Following the transaction, the president now directly owns 1,046,430 shares in the company, valued at approximately $112,962,118.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David W. Trice sold 3,114 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $106.65, for a total transaction of $332,108.10. Following the transaction, the executive vice president now owns 80,415 shares in the company, valued at $8,576,259.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,048 shares of company stock worth $8,189,473. 0.53% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Baker Ellis Asset Management LLC bought a new stake in EOG Resources in the third quarter worth $101,000. Chicago Partners Investment Group LLC boosted its holdings in EOG Resources by 178.0% in the third quarter. Chicago Partners Investment Group LLC now owns 1,112 shares of the energy exploration company’s stock worth $108,000 after purchasing an additional 712 shares in the last quarter. Fis Group Inc. bought a new stake in EOG Resources in the third quarter worth $130,000. Quantbot Technologies LP bought a new stake in EOG Resources in the third quarter worth $153,000. Finally, Zions Bancorporation boosted its holdings in EOG Resources by 5,268.6% in the third quarter. Zions Bancorporation now owns 1,879 shares of the energy exploration company’s stock worth $182,000 after purchasing an additional 1,844 shares in the last quarter. Institutional investors and hedge funds own 85.25% of the company’s stock.
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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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