EOG Resources (NYSE:EOG) Raised to Buy at StockNews.com

StockNews.com upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a research note issued to investors on Friday.

Other equities analysts have also recently issued reports about the stock. Scotiabank lowered their price target on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Piper Sandler lowered their target price on EOG Resources from $149.00 to $140.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 17th. Citigroup raised their price target on EOG Resources from $127.00 to $134.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised EOG Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $147.00 to $150.00 in a research note on Tuesday, December 17th. Finally, Mizuho cut their price objective on shares of EOG Resources from $156.00 to $148.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EOG Resources presently has a consensus rating of “Hold” and an average price target of $143.50.

EOG Resources Stock Performance

Shares of EOG opened at $119.04 on Friday. The company has a market capitalization of $66.95 billion, a PE ratio of 9.58, a PEG ratio of 3.39 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. The company’s 50 day moving average price is $128.12 and its 200 day moving average price is $126.38. EOG Resources has a 52 week low of $108.94 and a 52 week high of $139.67.

EOG Resources declared that its Board of Directors has approved a share repurchase program on Thursday, November 7th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be issued a $0.975 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $3.90 dividend on an annualized basis and a yield of 3.28%. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s dividend payout ratio (DPR) is 31.40%.

Insider Activity

In related news, 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 transaction of $76,867.44. Following the sale, the director now directly owns 43,532 shares of the company’s stock, valued at $5,891,185.56. This trade represents a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On EOG Resources

Several large investors have recently added to or reduced their stakes in EOG. Quotient Wealth Partners LLC increased its position in shares of EOG Resources by 5.2% during the second quarter. Quotient Wealth Partners LLC now owns 1,868 shares of the energy exploration company’s stock valued at $235,000 after purchasing an additional 92 shares during the period. LRI Investments LLC increased its holdings in EOG Resources by 4,143.5% in the 2nd quarter. LRI Investments LLC now owns 976 shares of the energy exploration company’s stock valued at $123,000 after buying an additional 953 shares during the period. Capital Insight Partners LLC raised its stake in shares of EOG Resources by 2.6% in the 2nd quarter. Capital Insight Partners LLC now owns 4,219 shares of the energy exploration company’s stock valued at $531,000 after buying an additional 105 shares in the last quarter. Tributary Capital Management LLC lifted its holdings in shares of EOG Resources by 12.1% during the 2nd quarter. Tributary Capital Management LLC now owns 3,696 shares of the energy exploration company’s stock worth $465,000 after acquiring an additional 400 shares during the period. Finally, Clear Creek Financial Management LLC boosted its position in shares of EOG Resources by 3.9% during the 2nd quarter. Clear Creek Financial Management LLC now owns 6,226 shares of the energy exploration company’s stock valued at $784,000 after acquiring an additional 235 shares in the last quarter. Institutional investors and hedge funds own 89.91% of the company’s stock.

EOG Resources Company Profile

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.