Zacks Investment Research lowered shares of EOG Resources, Inc. (NYSE:EOG) from a buy rating to a hold rating in a report released on Friday morning.
According to Zacks, “EOG Resources holds premium acreages in three prospective oil plays in the U.S. – the Permian, Bakken and Eagle Ford shale plays. For 2017, the firm plans to complete 480 wells in those resources, higher than 445 recorded in 2016. During 2016, almost 50% of the wells drilled by the firm met the standard of premium wells. The company now expects 80% and 90% of the wells to meet the standards in 2017 and 2018, respectively. Also, in the promising U.S. shale plays, EOG Resources has identified 7,200 premium wells that can give it access to almost 6.5 billion barrels of oil equivalent estimated potential reserves over a period of 10 years. However, excessive dependence on the North American shale plays and rising short-term debt through first-half 2017 raise concerns.”
Several other equities research analysts have also recently weighed in on the company. Royal Bank Of Canada set a $115.00 target price on EOG Resources and gave the stock a hold rating in a research note on Sunday, July 16th. Morgan Stanley raised EOG Resources from an equal weight rating to an overweight rating and lifted their price target for the stock from $97.00 to $106.00 in a research report on Tuesday, September 12th. Citigroup Inc. lowered EOG Resources from a buy rating to a neutral rating and cut their price target for the stock from $112.00 to $98.00 in a research report on Friday, July 21st. FBR & Co cut their price target on EOG Resources from $122.00 to $108.00 and set an outperform rating on the stock in a research report on Monday, June 26th. Finally, ValuEngine raised EOG Resources from a sell rating to a hold rating in a research report on Thursday, September 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. EOG Resources currently has an average rating of Buy and an average price target of $108.68.
EOG Resources (NYSE EOG) opened at 96.84 on Friday. The firm’s market cap is $55.92 billion. EOG Resources has a 12-month low of $81.99 and a 12-month high of $109.37. The stock’s 50 day moving average is $94.01 and its 200 day moving average is $91.74.
EOG Resources (NYSE:EOG) last posted its earnings results on Tuesday, August 1st. The energy exploration company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.51 billion. EOG Resources had a negative return on equity of 0.68% and a negative net margin of 2.88%. EOG Resources’s revenue for the quarter was up 47.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.38) EPS. On average, equities research analysts expect that EOG Resources will post $0.64 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th will be issued a dividend of $0.1675 per share. This represents a $0.67 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Monday, October 16th. EOG Resources’s dividend payout ratio is presently -131.37%.
In other EOG Resources news, EVP Michael P. Donaldson sold 6,167 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $97.50, for a total transaction of $601,282.50. Following the transaction, the executive vice president now owns 74,316 shares of the company’s stock, valued at approximately $7,245,810. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 3,411 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $97.03, for a total value of $330,969.33. Following the transaction, the director now directly owns 53,196 shares in the company, valued at approximately $5,161,607.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,578 shares of company stock worth $3,700,882. 0.53% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Israel Discount Bank of New York acquired a new stake in shares of EOG Resources during the 1st quarter worth approximately $556,000. Usca Ria LLC raised its position in shares of EOG Resources by 232.2% during the 2nd quarter. Usca Ria LLC now owns 15,651 shares of the energy exploration company’s stock worth $1,417,000 after purchasing an additional 10,939 shares during the period. AlphaMark Advisors LLC raised its position in shares of EOG Resources by 4.8% during the 2nd quarter. AlphaMark Advisors LLC now owns 41,163 shares of the energy exploration company’s stock worth $3,726,000 after purchasing an additional 1,895 shares during the period. Commerce Bank raised its position in shares of EOG Resources by 5.4% during the 2nd quarter. Commerce Bank now owns 235,092 shares of the energy exploration company’s stock worth $21,281,000 after purchasing an additional 11,996 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC raised its position in shares of EOG Resources by 312.1% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 480,575 shares of the energy exploration company’s stock worth $40,090,000 after purchasing an additional 363,973 shares during the period. 85.39% of the stock is currently owned by institutional investors.
EOG Resources Company Profile
EOG Resources, Inc explores for, develops, produces and markets crude oil and natural gas in major producing basins in the United States, The Republic of Trinidad and Tobago, the United Kingdom, The People’s Republic of China, Canada and, from time to time, select other international areas. Its operations are all crude oil and natural gas exploration and production related.
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