Zacks Investment Research upgraded shares of EOG Resources (NYSE:EOG) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. They currently have $103.00 price objective on the energy exploration company’s stock.
According to Zacks, “EOG Resources holds premium acreages in the Permian, Bakken and Eagle Ford shale plays, among others, where it has identified 9,500 premium undrilled wells that could lend access to 9.2 billion barrels of oil equivalent estimated potential reserves. In the Eagle Ford alone, EOG Resources has identified 2,300 locations that will drive the firm’s oil production. The company has been focused on consistently returning cash to shareholders. Considering the latest quarterly dividend hike, the upstream energy player has managed to hike dividend payments by almost 72% since 2017. Notably, the upstream energy firm recently reported strong first-quarter 2019 earnings, thanks to higher oil equivalent production volumes. Moreover, the company emphasizes on reducing cash operating expenses and expects to lower costs through 2019, thereby boosting its bottom line.”
Several other brokerages have also recently commented on EOG. ValuEngine cut shares of EOG Resources from a hold rating to a sell rating in a research note on Saturday, March 9th. Morgan Stanley set a $108.00 price target on shares of EOG Resources and gave the stock a hold rating in a research note on Wednesday, May 8th. KeyCorp boosted their target price on shares of EOG Resources from $105.00 to $110.00 and gave the stock an overweight rating in a report on Monday, April 22nd. Oppenheimer started coverage on shares of EOG Resources in a report on Wednesday, March 27th. They issued an outperform rating and a $108.00 target price on the stock. Finally, Raymond James set a $124.00 target price on shares of EOG Resources and gave the stock a buy rating in a report on Wednesday, January 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. EOG Resources presently has an average rating of Buy and an average price target of $121.40.
EOG Resources (NYSE:EOG) last announced its quarterly earnings results on Thursday, May 2nd. The energy exploration company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.03 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.92 billion. EOG Resources had a net margin of 19.35% and a return on equity of 17.10%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS. On average, analysts anticipate that EOG Resources will post 5.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th will be issued a dividend of $0.2875 per share. This represents a $1.15 annualized dividend and a yield of 1.21%. This is an increase from EOG Resources’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, July 16th. EOG Resources’s dividend payout ratio is presently 15.88%.
In related news, Director Frank G. Wisner sold 1,296 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $87.28, for a total transaction of $113,114.88. Following the transaction, the director now directly owns 120,052 shares in the company, valued at approximately $10,478,138.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC lifted its position in shares of EOG Resources by 76.4% in the 1st quarter. Valeo Financial Advisors LLC now owns 261 shares of the energy exploration company’s stock worth $25,000 after purchasing an additional 113 shares during the period. Guidant Wealth Advisors lifted its position in shares of EOG Resources by 50.5% in the 1st quarter. Guidant Wealth Advisors now owns 301 shares of the energy exploration company’s stock worth $29,000 after purchasing an additional 101 shares during the period. Essex Savings Bank lifted its position in shares of EOG Resources by 87.0% in the 1st quarter. Essex Savings Bank now owns 430 shares of the energy exploration company’s stock worth $41,000 after purchasing an additional 200 shares during the period. Athena Capital Advisors LLC purchased a new stake in shares of EOG Resources in the 4th quarter worth approximately $46,000. Finally, Legacy Financial Advisors Inc. lifted its position in shares of EOG Resources by 108.3% in the 4th quarter. Legacy Financial Advisors Inc. now owns 552 shares of the energy exploration company’s stock worth $48,000 after purchasing an additional 287 shares during the period. Institutional investors own 88.52% of the company’s stock.
EOG Resources Company Profile
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 People's Republic of China, and Canada.
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