EOG Resources (NYSE:EOG) Releases Quarterly Earnings Results, Misses Expectations By $1.51 EPS

EOG Resources (NYSE:EOG – Get Rating) released its quarterly earnings data on Thursday. The energy exploration company reported $2.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.25 by ($1.51), Briefing.com reports. EOG Resources had a net margin of 23.12% and a return on equity of 29.77%. The business had revenue of $7.41 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same period in the previous year, the firm posted $1.73 EPS. The firm’s revenue for the quarter was up 79.0% on a year-over-year basis.

EOG Resources Price Performance

EOG Resources stock traded up $7.19 during trading hours on Friday, hitting $107.01. 5,696,007 shares of the stock were exchanged, compared to its average volume of 4,583,854. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.26 and a current ratio of 1.35. The stock has a market capitalization of $62.68 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.22 and a beta of 1.61. EOG Resources has a 12 month low of $62.81 and a 12 month high of $147.99. The business’s 50-day moving average is $115.80 and its two-hundred day moving average is $116.80.

EOG Resources Increases Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be paid a dividend of $1.50 per share. This is a boost from EOG Resources’s previous special dividend of $1.00. EOG Resources’s dividend payout ratio is currently 40.05%.

Insiders Place Their Bets

In other news, EVP Kenneth W. Boedeker sold 1,006 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $142.32, for a total transaction of $143,173.92. Following the transaction, the executive vice president now directly owns 16,880 shares in the company, valued at $2,402,361.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Kenneth W. Boedeker sold 1,006 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $142.32, for a total transaction of $143,173.92. Following the transaction, the executive vice president now directly owns 16,880 shares in the company, valued at $2,402,361.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ann D. Janssen sold 1,905 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $140.60, for a total transaction of $267,843.00. Following the transaction, the chief accounting officer now owns 66,980 shares in the company, valued at $9,417,388. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,395 shares of company stock valued at $883,134. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EOG Resources

Large investors have recently bought and sold shares of the business. Lumature Wealth Partners LLC acquired a new position in EOG Resources in the first quarter valued at approximately $28,000. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in EOG Resources by 1,436.8% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 292 shares of the energy exploration company’s stock valued at $34,000 after buying an additional 273 shares during the period. Brown Brothers Harriman & Co. raised its holdings in EOG Resources by 23.7% in the first quarter. Brown Brothers Harriman & Co. now owns 662 shares of the energy exploration company’s stock worth $79,000 after purchasing an additional 127 shares during the period. Zions Bancorporation N.A. raised its holdings in EOG Resources by 237.7% in the first quarter. Zions Bancorporation N.A. now owns 1,155 shares of the energy exploration company’s stock worth $138,000 after purchasing an additional 813 shares during the period. Finally, Salem Investment Counselors Inc. raised its holdings in EOG Resources by 208.0% in the first quarter. Salem Investment Counselors Inc. now owns 1,466 shares of the energy exploration company’s stock worth $175,000 after purchasing an additional 990 shares during the period. 85.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EOG has been the subject of a number of research analyst reports. Johnson Rice raised shares of EOG Resources from a “hold” rating to a “buy” rating and boosted their target price for the stock from $155.00 to $165.00 in a research report on Tuesday, May 24th. Piper Sandler cut their target price on shares of EOG Resources from $164.00 to $160.00 and set an “overweight” rating for the company in a research report on Friday, July 22nd. Truist Financial boosted their target price on shares of EOG Resources from $178.00 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, July 12th. Mizuho dropped their price objective on shares of EOG Resources from $175.00 to $173.00 and set a “buy” rating on the stock in a report on Tuesday, July 19th. Finally, StockNews.com downgraded shares of EOG Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 28th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.05.

EOG Resources Company Profile

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EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago. As of December 31, 2021, it had total estimated net proved reserves of 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of natural gas liquid reserves; and 8,222 billion cubic feet of natural gas reserves.