EOG Resources (NYSE:EOG) Rating Increased to Overweight at Wells Fargo & Company

EOG Resources (NYSE:EOG) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $150.00 price objective on the energy exploration company’s stock, up from their previous price objective of $147.00. Wells Fargo & Company‘s price objective suggests a potential upside of 20.37% from the company’s previous close.

Several other research firms have also recently commented on EOG. Barclays decreased their target price on shares of EOG Resources from $144.00 to $137.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Truist Financial boosted their price objective on EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Citigroup raised their target price on EOG Resources from $127.00 to $134.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $145.00 price target on shares of EOG Resources in a research report on Monday, October 14th. Finally, Raymond James lifted their price objective on shares of EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Fourteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, EOG Resources presently has an average rating of “Hold” and a consensus target price of $143.95.

EOG Resources Stock Performance

EOG stock opened at $124.62 on Tuesday. The stock’s fifty day moving average is $129.04 and its two-hundred day moving average is $126.45. The stock has a market capitalization of $70.09 billion, a price-to-earnings ratio of 10.03, 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. EOG Resources has a 1 year low of $108.94 and a 1 year high of $139.67.

EOG Resources announced that its board has approved a share repurchase plan on Thursday, November 7th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the energy exploration company to purchase up to 7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Janet F. Clark sold 568 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total value of $76,867.44. Following the completion of the sale, the director now 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 sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of EOG Resources

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in EOG Resources by 0.4% in 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 purchasing an additional 75,194 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of EOG Resources by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock valued at $1,513,446,000 after buying an additional 180,755 shares in 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 worth $1,549,098,000 after buying an additional 260,727 shares during the last quarter. Franklin Resources Inc. raised its position 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 acquiring an additional 2,076,134 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in EOG Resources by 9.1% in the second quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock valued at $609,300,000 after acquiring an additional 403,676 shares during the last quarter. 89.91% of the stock is 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, 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.