EOG Resources, Inc. (EOG) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of EOG Resources, Inc. (NYSE:EOG) from a sell rating to a hold rating in a research note published on Monday.
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 long-term debt over the last two years raise concerns.”
Several other equities research analysts have also recently commented on EOG. Scotiabank reiterated a hold rating and issued a $100.00 price target on shares of EOG Resources in a research report on Thursday, August 3rd. BidaskClub upgraded shares of EOG Resources from a sell rating to a hold rating in a research report on Monday, July 31st. BMO Capital Markets reiterated a buy rating and issued a $95.00 price target on shares of EOG Resources in a research report on Friday, August 4th. Stifel Nicolaus reiterated a buy rating and issued a $111.00 price target on shares of EOG Resources in a research report on Friday, July 14th. Finally, Barclays PLC reiterated an overweight rating and issued a $101.00 price target (up from $94.00) on shares of EOG Resources in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-three have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $108.23.
Shares of EOG Resources (NYSE EOG) opened at 90.35 on Monday. EOG Resources has a 52 week low of $79.67 and a 52 week high of $109.37. The firm’s market capitalization is $52.17 billion. The company has a 50-day moving average of $91.23 and a 200-day moving average of $94.32.
EOG Resources (NYSE:EOG) last issued its quarterly earnings results on Tuesday, August 1st. The energy exploration company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by $0.02. EOG Resources had a negative return on equity of 0.68% and a negative net margin of 2.88%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the firm posted ($0.38) earnings per share. EOG Resources’s revenue was up 47.1% compared to the same quarter last year. On average, equities analysts forecast that EOG Resources will post $0.58 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Cullinan Associates Inc. boosted its stake in shares of EOG Resources by 14.6% in the first quarter. Cullinan Associates Inc. now owns 21,510 shares of the energy exploration company’s stock valued at $2,098,000 after buying an additional 2,740 shares during the last quarter. Tompkins Financial Corp boosted its stake in shares of EOG Resources by 33.9% in the first quarter. Tompkins Financial Corp now owns 2,980 shares of the energy exploration company’s stock valued at $216,000 after buying an additional 755 shares during the last quarter. Baldwin Brothers Inc. MA boosted its stake in shares of EOG Resources by 34.4% in the first quarter. Baldwin Brothers Inc. MA now owns 79,546 shares of the energy exploration company’s stock valued at $7,760,000 after buying an additional 20,369 shares during the last quarter. Atria Investments LLC boosted its stake in shares of EOG Resources by 35.1% in the first quarter. Atria Investments LLC now owns 4,988 shares of the energy exploration company’s stock valued at $487,000 after buying an additional 1,296 shares during the last quarter. Finally, Inverness Counsel LLC NY boosted its stake in shares of EOG Resources by 1.2% in the first quarter. Inverness Counsel LLC NY now owns 201,139 shares of the energy exploration company’s stock valued at $19,609,000 after buying an additional 2,305 shares during the last quarter. 85.14% of the stock is owned by institutional investors and hedge funds.
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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