FY2024 EPS Estimates for EOG Resources Cut by Scotiabank

EOG Resources, Inc. (NYSE:EOG) – Analysts at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for shares of EOG Resources in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the energy exploration company will earn $11.85 per share for the year, down from their prior estimate of $12.80. Scotiabank has a “Sector Perform” rating and a $140.00 price objective on the stock. The consensus estimate for EOG Resources’ current full-year earnings is $11.47 per share. Scotiabank also issued estimates for EOG Resources’ FY2025 earnings at $11.95 EPS.

Several other equities research analysts have also recently issued reports on EOG. StockNews.com upgraded shares of EOG Resources from a “hold” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company raised shares of EOG Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $147.00 to $150.00 in a research note on Tuesday, December 17th. Royal Bank of Canada restated a “sector perform” rating and set a $150.00 price objective on shares of EOG Resources in a report on Monday, January 6th. Raymond James upped their target price on EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Finally, KeyCorp decreased their price target on EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.71.

EOG Resources Stock Up 2.4 %

EOG opened at $131.54 on Monday. The firm has a market cap of $73.98 billion, a P/E ratio of 10.59, a PEG ratio of 3.37 and a beta of 1.29. The business’s fifty day simple moving average is $127.97 and its 200 day simple moving average is $126.70. EOG Resources has a 52 week low of $108.94 and a 52 week high of $139.67. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13.

EOG Resources announced that its Board of Directors has authorized a share buyback plan on Thursday, November 7th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the energy exploration company to purchase up to 7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are 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 issued a dividend of $0.975 per share. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, January 17th. EOG Resources’s dividend payout ratio (DPR) is presently 31.40%.

Insider Buying and Selling

In other EOG Resources news, COO Jeffrey R. Leitzell sold 4,000 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total value of $483,560.00. Following the completion of the transaction, the chief operating officer now directly owns 42,703 shares of the company’s stock, valued at $5,162,365.67. This represents a 8.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Janet F. Clark sold 568 shares of EOG Resources stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total value of $76,867.44. Following the sale, the director now directly 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 disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of EOG Resources

A number of hedge funds have recently made changes to their positions in EOG. Charles Schwab Investment Management Inc. grew its holdings in EOG Resources by 0.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,411,032 shares of the energy exploration company’s stock worth $2,140,338,000 after acquiring an additional 75,194 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of EOG Resources by 1.5% during the third quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock worth $1,513,446,000 after purchasing an additional 180,755 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in EOG Resources by 2.2% in the second quarter. Ameriprise Financial Inc. now owns 12,311,541 shares of the energy exploration company’s stock valued at $1,549,098,000 after buying an additional 260,727 shares during the last quarter. Franklin Resources Inc. raised its stake in EOG Resources by 64.7% during 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 buying an additional 2,076,134 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings 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 worth $609,300,000 after buying an additional 403,676 shares during the last quarter. Institutional investors and hedge funds 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.