StockNews.com Upgrades EOG Resources (NYSE:EOG) to Buy

StockNews.com upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a research note released on Wednesday morning.

Other research analysts have also issued research reports about the stock. Mizuho increased their price target on shares of EOG Resources from $138.00 to $140.00 and gave the stock a buy rating in a research report on Monday, April 15th. Citigroup increased their target price on EOG Resources from $120.00 to $124.00 and gave the stock a neutral rating in a report on Monday, March 18th. TD Cowen boosted their price target on EOG Resources from $130.00 to $144.00 and gave the company a hold rating in a research note on Tuesday, April 30th. TD Securities dropped their price objective on EOG Resources from $135.00 to $130.00 and set a hold rating for the company in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of EOG Resources from $134.00 to $141.00 and gave the company a neutral rating in a research note on Thursday, March 28th. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, EOG Resources currently has a consensus rating of Hold and an average price target of $142.27.

EOG Resources Price Performance

Shares of NYSE:EOG opened at $130.02 on Wednesday. The firm has a market capitalization of $74.79 billion, a PE ratio of 10.27 and a beta of 1.38. The company has a current ratio of 2.44, a quick ratio of 2.13 and a debt-to-equity ratio of 0.13. EOG Resources has a 1-year low of $106.32 and a 1-year high of $139.67. The business’s 50 day moving average is $127.48 and its 200-day moving average is $122.57.

EOG Resources (NYSE:EOG) last announced its quarterly earnings results on Thursday, May 2nd. The energy exploration company reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.12. EOG Resources had a net margin of 30.33% and a return on equity of 25.11%. The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm posted $2.69 EPS. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. Sell-side analysts predict that EOG Resources will post 12.14 earnings per share for the current year.

EOG Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be given a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, July 17th. This represents a $3.64 dividend on an annualized basis and a yield of 2.80%. EOG Resources’s payout ratio is 28.75%.

Institutional Investors Weigh In On EOG Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its stake in shares of EOG Resources by 3.0% during the first quarter. Geneos Wealth Management Inc. now owns 19,623 shares of the energy exploration company’s stock worth $2,509,000 after buying an additional 569 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in EOG Resources by 1.9% during the 1st quarter. DAVENPORT & Co LLC now owns 887,531 shares of the energy exploration company’s stock worth $113,114,000 after acquiring an additional 16,554 shares during the period. 9258 Wealth Management LLC bought a new stake in shares of EOG Resources during the 1st quarter valued at $208,000. Richardson Financial Services Inc. lifted its stake in shares of EOG Resources by 18.6% in the 1st quarter. Richardson Financial Services Inc. now owns 5,247 shares of the energy exploration company’s stock valued at $671,000 after purchasing an additional 824 shares during the period. Finally, Catalina Capital Group LLC bought a new position in shares of EOG Resources in the 1st quarter worth $312,000. Institutional investors own 89.91% of the company’s stock.

About EOG Resources

EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas primarily in producing basins in the United States, the Republic of Trinidad and Tobago and internationally. The company was formerly known as Enron Oil & Gas Company.