EOG Resources Inc. (NYSE: EOG) shares rose in value Thursday Dec 1 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Analysts at Stifel Nicolaus upgraded shares of EOG Resources Inc. (NYSE: EOG) from Hold to Buy today. The company currently has a rating of Buy on the stock. The one-year price target of $106.69 is above the opening price of $105.71, resulting a fair amount of other analysts to report on the stock recently. Looking back over the last year, EOG Resources Inc. stock has a high of $105.79. Usually, after analysts publish an upgrade report on a stock, they will later issue recurring updates, often followed by a price target change.
Shares of EOG Resources Inc. (NYSE: EOG) opened at $105.71 on Tuesday trading between $103.85 and $105.79, and last traded at $104.91, an increase of $2.39 or 2.33% from the previous closing price.
EOG Resources Inc. (NYSE: EOG) now has a market cap of 60.48B.
EOG Resources Inc. (NYSE: EOG) Average Daily Trading Volume
1,125,311 shares traded hands yesterday, lower than the norm, out of a total float 574,042,000. Momentum traders often use swings in trading volume to pinpoint large volume aggregation or distribution by institutional investors, so trading volume is likely to increase in the next few days.
As with all potential breakouts, investors watch for volume to be at least 40%-50% above normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
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 successful trades.
Trades for EOG Resources Inc. (NYSE: EOG) have ranged from $57.15 – 105.79, and the stock now has a 50-day MA of $93.64 and 200-day MA of $88.15. Today’s last price is 0.83%% under the 52 week high of $105.79.
Earnings growth is a crucial factor to research when buying stocks and investors look for companies that have been successful at growing their earnings by at least 25% over 3 consecutive years.
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