Zacks Investment Research upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a report issued on Monday. Zacks Investment Research currently has $129.00 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 9.8%, outperforming the industry’s 9.4% decline.”
A number of other research firms have also issued reports on EOG. Piper Jaffray Companies reissued a buy rating and set a $106.00 price target on shares of EOG Resources in a research report on Wednesday, November 22nd. Argus raised their price target on shares of EOG Resources to $133.00 and gave the stock a buy rating in a research report on Monday, January 8th. BMO Capital Markets reissued a buy rating and set a $120.00 price target on shares of EOG Resources in a research report on Thursday, January 11th. Bank of America lowered shares of EOG Resources from a buy rating to a neutral rating and set a $125.00 price target for the company. in a research report on Thursday, January 4th. They noted that the move was a valuation call. Finally, Citigroup raised shares of EOG Resources from a neutral rating to a buy rating and set a $125.00 price target for the company in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $114.52.
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, topping analysts’ consensus estimates of $0.12 by $0.07. EOG Resources had a net margin of 0.10% and a return on equity of 1.73%. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the firm posted ($0.40) EPS. EOG Resources’s revenue for the quarter was up 24.8% compared to the same quarter last year. equities research analysts anticipate that EOG Resources will post 0.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be paid a $0.1675 dividend. The ex-dividend date is Tuesday, January 16th. This represents a $0.67 dividend on an annualized basis and a yield of 0.59%. EOG Resources’s dividend payout ratio is currently 6,700.00%.
In related news, CFO Timothy K. Driggers sold 8,871 shares of EOG Resources stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $105.45, for a total value of $935,446.95. Following the sale, the chief financial officer now owns 185,157 shares of the company’s stock, valued at approximately $19,524,805.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Gary L. Thomas sold 2,000 shares of EOG Resources 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 completion of the sale, the president now directly owns 1,046,430 shares in the company, valued at approximately $112,962,118.50. The disclosure for this sale can be found here. Insiders sold a total of 139,048 shares of company stock worth $8,173,973 in the last three months. 0.53% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Baker Ellis Asset Management LLC acquired a new stake in EOG Resources in the 3rd quarter valued at $101,000. Chicago Partners Investment Group LLC boosted its stake in EOG Resources by 178.0% during the 3rd 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 during the last quarter. Fis Group Inc. acquired a new stake in EOG Resources during the 3rd quarter worth $130,000. Quantbot Technologies LP acquired a new stake in EOG Resources during the 3rd quarter worth $153,000. Finally, Zions Bancorporation boosted its stake in EOG Resources by 5,268.6% during the 3rd 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 during the last quarter. 85.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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