StockNews.com Upgrades EOG Resources (NYSE:EOG) to Buy

EOG Resources (NYSE:EOG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts also recently issued reports about the stock. UBS Group lowered their target price on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Evercore ISI decreased their price target on shares of EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Piper Sandler dropped their price objective on EOG Resources from $149.00 to $140.00 and set a “neutral” rating for the company in a report on Tuesday. Morgan Stanley reduced their target price on EOG Resources from $134.00 to $132.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, Benchmark restated a “hold” rating on shares of EOG Resources in a research note on Tuesday, November 12th. Thirteen analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $143.50.

EOG Resources Trading Up 0.7 %

NYSE EOG traded up $0.82 during trading hours on Friday, hitting $119.04. 10,023,298 shares of the company’s stock were exchanged, compared to its average volume of 3,157,648. The business’s 50 day moving average is $128.12 and its 200-day moving average is $126.33. 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 12-month low of $108.94 and a 12-month high of $139.67. The firm has a market capitalization of $66.95 billion, a P/E ratio of 9.58, a price-to-earnings-growth ratio of 3.39 and a beta of 1.29.

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

Insider Activity

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the stock in a transaction on Tuesday, November 19th. The shares were 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 approximately $5,891,185.56. This represents a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $2,140,338,000 after purchasing an additional 75,194 shares during the period. Geode Capital Management LLC raised 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 worth $1,513,446,000 after buying an additional 180,755 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in EOG Resources by 2.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 12,311,541 shares of the energy exploration company’s stock valued at $1,549,098,000 after acquiring an additional 260,727 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of EOG Resources by 64.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock worth $694,717,000 after purchasing an additional 2,076,134 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in EOG Resources by 9.1% during 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 purchasing an additional 403,676 shares during 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.