EOG Resources Inc. (NYSE: EOG) shares rose on Tuesday Dec 13 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, the Dow DJIA, +0.47% climbed 106 points, or 0.6%, to 19,905. If the Dow finishes higher, it will notch its seventh straight gain.
The S&P 500 index SPX, +0.56% gained 10.45 points, or 0.5%, to 2,267 and the tech-heavy Nasdaq Composite Index COMP, +1.02% added 48 points, or 0.9%, to 5,461.
Both the S&P 500 index SPX, +0.56% and Nasdaq Composite COMP, +1.02% ended lower on Monday, with investors appearing reluctant to push shares higher ahead of the Fed meeting
EOG Resources Inc. (NYSE: EOG) had its price target increased by equities researchers at FBR & Co from $108.00 to $128.00. FBR & Co currently has a rating of Outperform on the stock. As a means of comparison, a number of other analysts have commented on the stock recently, and EOG Resources Inc. has earned a consensus one-year price target of $107.56, above the opening price of $107.00, a difference of 10.09 percent. EOG Resources Inc. stock has a 52-week high of $109.37.
Shares of EOG Resources Inc. (NYSE: EOG) opened at $107.00 on Tuesday and has traded in a range between, $106.38 and $107.15, and last traded at $106.57, which represents an increase of $0.74 or 0.70% over the previous closing price.
EOG Resources Inc. (NYSE: EOG) currently has a market cap of 61.43B.
EOG Resources Inc. (NYSE: EOG) Average Daily Trading Volume
374,326 shares crossed the trading desk yesterday, lower than the norm, out of a total float 574,123,000. Swing traders often use increases in trading volume to identify large volume aggregation or distribution by institutional investors, so look for trading volume to pick up in the coming days.
While an increase in trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts that research thousands of stocks, so it is good validation to see them buying a stock you’re considering.
EOG Resources Inc. (NYSE: EOG) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, EOG Resources Inc. (NYSE: EOG) now has a 50-day MA of $95.99 and 200-day MA of $89.75. It has traded in a 52-week range between $57.15 – 109.370 and today’s last price is 2.57%% lower than the 52 week high of $109.37.
Earnings growth is a critical factor to consider when buying stocks and investors watch for companies that have grown their earnings at least 25% or more for the past 3 years.
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