Zacks Investment Research upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a report published on Tuesday. They currently have $137.00 target price on the energy exploration company’s stock.
According to Zacks, “EOG Resources is a leading upstream energy player with significant acreages in oil shale plays like Permian, Bakken and Eagle Ford. In the promising shale plays, EOG Resources has identified 17,000 premium wells that could lend access to almost 11.3 billion barrels of oil equivalent estimated potential reserves. Alone in the Eagle Ford, the company identified 7,200 locations with 3.2 billion barrels of oil equivalent to estimated potential reserves. In the coming 10 years, the company is expected to complete drilling all the wells. Moreover, the company has approvals from the board of directors to hike quarterly dividend by 19% to 22 cents per share, reflecting its strong commitment to return cash to stockholders. Additionally, EOG Resources expects more than 90% of the wells to meet the standard of premium wells in 2018. Consequently, the company displays upside potential from current levels and seems like an attractive investment.”
Other equities analysts have also issued reports about the stock. TD Securities started coverage on shares of EOG Resources in a research report on Thursday, July 5th. They set a buy rating and a $155.00 price target on the stock. Societe Generale upgraded shares of EOG Resources from a hold rating to a buy rating in a research report on Wednesday, June 27th. Stifel Nicolaus set a $147.00 price target on shares of EOG Resources and gave the stock a buy rating in a research report on Friday, August 3rd. Mizuho initiated coverage on shares of EOG Resources in a report on Monday, July 23rd. They issued a buy rating and a $173.00 target price on the stock. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $143.00 target price on shares of EOG Resources in a report on Friday, July 20th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $137.24.
EOG opened at $117.67 on Tuesday. The stock has a market cap of $68.66 billion, a P/E ratio of 105.06, a price-to-earnings-growth ratio of 1.34 and a beta of 1.00. EOG Resources has a twelve month low of $95.42 and a twelve month high of $133.53. The company has a current ratio of 0.98, a quick ratio of 0.83 and a debt-to-equity ratio of 0.30.
EOG Resources (NYSE:EOG) last posted its quarterly earnings results on Thursday, August 2nd. The energy exploration company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.95 billion. EOG Resources had a net margin of 27.81% and a return on equity of 12.38%. EOG Resources’s quarterly revenue was up 62.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 earnings per share. Equities analysts predict that EOG Resources will post 5.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Wednesday, October 17th will be paid a dividend of $0.22 per share. This is an increase from EOG Resources’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Tuesday, October 16th. EOG Resources’s dividend payout ratio is presently 78.57%.
In related news, Director Charles R. Crisp sold 1,792 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $116.80, for a total transaction of $209,305.60. Following the sale, the director now directly owns 49,741 shares of the company’s stock, valued at approximately $5,809,748.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Thomas sold 57,065 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $122.36, for a total transaction of $6,982,473.40. Following the sale, the chief executive officer now directly owns 755,519 shares in the company, valued at $92,445,304.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,346 shares of company stock worth $7,508,977. 0.51% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Culbertson A N & Co. Inc. grew its holdings in EOG Resources by 1.1% during the 2nd quarter. Culbertson A N & Co. Inc. now owns 38,399 shares of the energy exploration company’s stock worth $4,778,000 after acquiring an additional 415 shares in the last quarter. Creative Planning boosted its stake in EOG Resources by 1.0% during the 2nd quarter. Creative Planning now owns 42,007 shares of the energy exploration company’s stock worth $5,227,000 after purchasing an additional 417 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in EOG Resources by 1.8% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 24,211 shares of the energy exploration company’s stock worth $2,546,000 after purchasing an additional 423 shares during the period. Bainco International Investors boosted its stake in EOG Resources by 0.5% during the 2nd quarter. Bainco International Investors now owns 84,702 shares of the energy exploration company’s stock worth $10,539,000 after purchasing an additional 438 shares during the period. Finally, Parkwood LLC boosted its stake in EOG Resources by 8.3% during the 2nd quarter. Parkwood LLC now owns 5,747 shares of the energy exploration company’s stock worth $715,000 after purchasing an additional 438 shares during the period. 86.24% of the stock is currently owned by hedge funds and other institutional investors.
About EOG Resources
EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil and natural gas. The company's principal producing areas are located in New Mexico, North Dakota, Texas, Utah, and Wyoming in the United States; and the Republic of Trinidad and Tobago, the United Kingdom, the People's Republic of China, and Canada.
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