EOG Resources, Inc. (NYSE:EOG) Sees Significant Increase in Short Interest

EOG Resources, Inc. (NYSE:EOG) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 13,280,000 shares, an increase of 10.6% from the October 31st total of 12,010,000 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average daily volume of 3,090,000 shares, the short-interest ratio is currently 4.3 days.

EOG Resources Price Performance

Shares of NYSE EOG traded down $2.03 during trading on Monday, hitting $131.23. The company had a trading volume of 2,835,117 shares, compared to its average volume of 3,122,812. EOG Resources has a 52 week low of $108.94 and a 52 week high of $139.67. The business’s 50-day moving average is $128.82 and its 200 day moving average is $126.26. The company has a market cap of $73.81 billion, a P/E ratio of 10.57, a PEG ratio of 3.54 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31.

EOG Resources declared that its board has authorized a stock repurchase program on Thursday, November 7th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the energy exploration company to purchase up to 7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

EOG Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a dividend of $0.975 per share. The ex-dividend date is Friday, January 17th. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 dividend on an annualized basis and a yield of 2.97%. EOG Resources’s dividend payout ratio is currently 29.31%.

Insider Activity at EOG Resources

In related news, Director Janet F. Clark sold 568 shares of EOG Resources stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the completion of the sale, the director now owns 43,532 shares in the company, valued at approximately $5,891,185.56. The trade was a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

A number of large investors have recently made changes to their positions in EOG. Franklin Resources Inc. lifted its holdings in shares of EOG Resources by 64.7% in the third quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock valued at $694,717,000 after purchasing an additional 2,076,134 shares in the last quarter. Fisher Asset Management LLC lifted its stake in EOG Resources by 856.7% in the 3rd quarter. Fisher Asset Management LLC now owns 1,200,851 shares of the energy exploration company’s stock worth $147,621,000 after acquiring an additional 1,075,334 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in EOG Resources during the 2nd quarter worth about $106,990,000. Legal & General Group Plc grew its stake in EOG Resources by 9.1% during the 2nd quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock valued at $609,300,000 after acquiring an additional 403,676 shares in the last quarter. Finally, National Bank of Canada FI increased its holdings in shares of EOG Resources by 237.9% in the 2nd quarter. National Bank of Canada FI now owns 487,920 shares of the energy exploration company’s stock valued at $61,741,000 after purchasing an additional 343,527 shares during the period. Institutional investors and hedge funds own 89.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. KeyCorp decreased their price target on EOG Resources from $157.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Raymond James lifted their price objective on shares of EOG Resources from $156.00 to $167.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Citigroup raised their price target on shares of EOG Resources from $127.00 to $134.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Benchmark reiterated a “hold” rating on shares of EOG Resources in a research note on Tuesday, November 12th. Finally, StockNews.com downgraded EOG Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 16th. Fifteen research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, EOG Resources presently has an average rating of “Hold” and an average price target of $144.20.

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.