EOG Resources (EOG) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $129.00 target price 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 where it has identified 17,000 premium wells that could lend access to almost 11.3 billion barrels of oil equivalent estimated potential reserves. In the Eagle Ford alone, EOG identified 7,200 locations that will drive the firm’s oil production. Shares of EOG have gained 21.3% over the last year, outperforming the industry, which has declined 6.1% over the same period. Meanwhile, the company continues to lower its well drilling and exploration expenses. In the next 10 years, EOG plans to drill many premium oil wells and its strong emphasis on reducing costs has led to an encouraging outlook.”
A number of other research firms have also weighed in on EOG. Morgan Stanley cut their target price on shares of EOG Resources from $142.00 to $116.00 and set a buy rating for the company in a research report on Wednesday, January 24th. Credit Suisse Group set a $126.00 price objective on shares of EOG Resources and gave the company a hold rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $136.00 price objective on shares of EOG Resources and gave the company a buy rating in a research report on Tuesday, January 30th. BMO Capital Markets reaffirmed a buy rating and set a $120.00 price objective on shares of EOG Resources in a research report on Thursday, January 11th. Finally, Cowen set a $115.00 price objective on shares of EOG Resources and gave the company a hold rating in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have given a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $119.67.
EOG Resources (NYSE:EOG) last released its earnings results on Tuesday, February 27th. The energy exploration company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.30. The firm had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.03 billion. EOG Resources had a net margin of 23.04% and a return on equity of 4.47%. equities analysts forecast that EOG Resources will post 4.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 31st. Investors of record on Saturday, July 7th will be paid a $0.185 dividend. The ex-dividend date is Monday, July 16th. This represents a $0.74 dividend on an annualized basis and a yield of 0.63%. EOG Resources’s payout ratio is currently 66.07%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank increased its stake in EOG Resources by 4.1% in the fourth quarter. Toronto Dominion Bank now owns 251,719 shares of the energy exploration company’s stock valued at $27,162,000 after acquiring an additional 9,840 shares during the period. Xact Kapitalforvaltning AB increased its stake in EOG Resources by 14.1% in the fourth quarter. Xact Kapitalforvaltning AB now owns 56,652 shares of the energy exploration company’s stock valued at $6,113,000 after acquiring an additional 6,991 shares during the period. Elefante Mark B bought a new stake in EOG Resources during the fourth quarter worth about $279,000. RiverPoint Capital Management LLC grew its stake in EOG Resources by 0.6% during the fourth quarter. RiverPoint Capital Management LLC now owns 151,799 shares of the energy exploration company’s stock worth $16,381,000 after buying an additional 920 shares during the last quarter. Finally, Welch & Forbes LLC grew its stake in EOG Resources by 7.6% during the fourth quarter. Welch & Forbes LLC now owns 58,767 shares of the energy exploration company’s stock worth $6,341,000 after buying an additional 4,149 shares during the last quarter. 85.56% of the stock is currently owned by institutional investors and hedge funds.
EOG Resources Company Profile
EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil and natural gas. The company's principal producing areas are located in New Mexico, North Dakota, Texas, Utah, and Wyoming in the United States; and the Republic of Trinidad and Tobago, the United Kingdom, the People's Republic of China, and Canada.
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