EOG Resources FY2024 EPS Forecast Lowered by Zacks Research

EOG Resources, Inc. (NYSE:EOG) – Equities researchers at Zacks Research reduced their FY2024 earnings estimates for shares of EOG Resources in a research report issued on Tuesday, January 7th. Zacks Research analyst R. Department now forecasts that the energy exploration company will post earnings of $11.21 per share for the year, down from their previous estimate of $11.27. The consensus estimate for EOG Resources’ current full-year earnings is $11.47 per share. Zacks Research also issued estimates for EOG Resources’ Q4 2024 earnings at $2.34 EPS, Q1 2025 earnings at $2.48 EPS, Q2 2025 earnings at $2.51 EPS, Q3 2025 earnings at $2.71 EPS and Q4 2026 earnings at $3.13 EPS.

A number of other brokerages have also commented on EOG. Wolfe Research raised EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective on the stock in a report on Friday, January 3rd. Barclays dropped their price target on shares of EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company raised shares of EOG Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $147.00 to $150.00 in a report on Tuesday, December 17th. Raymond James boosted their target price on shares of EOG Resources from $156.00 to $167.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Benchmark reaffirmed a “hold” rating on shares of EOG Resources in a research report on Tuesday, November 12th. Thirteen investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $143.71.

EOG Resources Price Performance

NYSE EOG opened at $128.31 on Thursday. EOG Resources has a fifty-two week low of $108.94 and a fifty-two week high of $139.67. The stock’s 50-day moving average is $127.76 and its two-hundred day moving average is $126.64. The firm has a market cap of $72.17 billion, a P/E ratio of 10.33, a price-to-earnings-growth ratio of 3.37 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07.

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

EOG Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be given a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, January 17th. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s dividend payout ratio (DPR) is 29.31%.

Insider Activity at EOG Resources

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total transaction of $76,867.44. Following the sale, the director now directly owns 43,532 shares of the company’s stock, valued at approximately $5,891,185.56. This represents a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeffrey R. Leitzell sold 4,000 shares of EOG Resources stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total transaction of $483,560.00. Following the completion of the transaction, the chief operating officer now owns 42,703 shares of the company’s stock, valued at $5,162,365.67. This trade represents a 8.56 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Institutional Trading of EOG Resources

Several large investors have recently made changes to their positions in EOG. Insight Inv LLC grew its holdings in EOG Resources by 0.8% during the 3rd quarter. Insight Inv LLC now owns 9,385 shares of the energy exploration company’s stock worth $1,154,000 after acquiring an additional 75 shares during the last quarter. Cape ANN Savings Bank grew its stake in shares of EOG Resources by 0.9% during the third quarter. Cape ANN Savings Bank now owns 8,679 shares of the energy exploration company’s stock valued at $1,067,000 after purchasing an additional 79 shares during the last quarter. Everpar Advisors LLC increased its holdings in shares of EOG Resources by 3.6% in the third quarter. Everpar Advisors LLC now owns 2,380 shares of the energy exploration company’s stock valued at $293,000 after purchasing an additional 83 shares in the last quarter. Altman Advisors Inc. raised its position in EOG Resources by 0.7% in the 2nd quarter. Altman Advisors Inc. now owns 12,731 shares of the energy exploration company’s stock worth $1,603,000 after purchasing an additional 85 shares during the last quarter. Finally, FSM Wealth Advisors LLC lifted its holdings in EOG Resources by 5.5% during the 3rd quarter. FSM Wealth Advisors LLC now owns 1,702 shares of the energy exploration company’s stock worth $209,000 after buying an additional 88 shares in the last quarter. 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.