EOG Resources (EOG) Shares Gap Up After Strong Earnings

Shares of EOG Resources Inc (NYSE:EOG) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $100.16, but opened at $102.35. EOG Resources shares last traded at $106.35, with a volume of 5010261 shares trading hands.

The energy exploration company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.19. EOG Resources had a net margin of 30.90% and a return on equity of 16.79%. The company had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $4.20 billion. During the same quarter in the previous year, the company earned $0.19 earnings per share. EOG Resources’s quarterly revenue was up 80.8% on a year-over-year basis.

Several equities research analysts recently commented on EOG shares. Mizuho started coverage on shares of EOG Resources in a research note on Monday, July 23rd. They set a “buy” rating and a $173.00 price objective on the stock. Royal Bank of Canada set a $142.00 price objective on shares of EOG Resources and gave the stock a “hold” rating in a research note on Thursday, September 20th. Zacks Investment Research raised shares of EOG Resources from a “hold” rating to a “buy” rating and set a $137.00 price objective on the stock in a research note on Tuesday, October 16th. ValuEngine raised shares of EOG Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, September 19th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $138.00 price objective on shares of EOG Resources in a research note on Friday, September 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company. EOG Resources has an average rating of “Buy” and a consensus price target of $138.86.

In other news, EVP David W. Trice sold 2,489 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $127.44, for a total value of $317,198.16. Following the transaction, the executive vice president now owns 74,807 shares in the company, valued at $9,533,404.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 1,792 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $116.80, for a total transaction of $209,305.60. Following the completion of the transaction, the director now owns 49,741 shares in the company, valued at approximately $5,809,748.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,346 shares of company stock worth $7,508,977. Insiders own 0.51% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EOG. BlackRock Inc. raised its holdings in shares of EOG Resources by 0.6% during the second quarter. BlackRock Inc. now owns 35,327,623 shares of the energy exploration company’s stock valued at $4,395,816,000 after purchasing an additional 212,583 shares during the last quarter. FMR LLC raised its holdings in shares of EOG Resources by 17.5% during the second quarter. FMR LLC now owns 25,710,159 shares of the energy exploration company’s stock valued at $3,199,115,000 after purchasing an additional 3,822,930 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of EOG Resources by 7.2% during the third quarter. American Century Companies Inc. now owns 3,805,265 shares of the energy exploration company’s stock valued at $485,438,000 after purchasing an additional 254,291 shares during the last quarter. Morgan Stanley raised its holdings in shares of EOG Resources by 11.1% during the second quarter. Morgan Stanley now owns 3,447,371 shares of the energy exploration company’s stock valued at $428,957,000 after purchasing an additional 343,550 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of EOG Resources by 2.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,198,074 shares of the energy exploration company’s stock valued at $273,507,000 after purchasing an additional 58,842 shares during the last quarter. Hedge funds and other institutional investors own 86.24% of the company’s stock.

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.92 and a current ratio of 1.09. The firm has a market cap of $59.35 billion, a price-to-earnings ratio of 94.96, a P/E/G ratio of 1.13 and a beta of 1.16.

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About EOG Resources (NYSE:EOG)

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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