Dearborn Partners LLC Trims Position in EOG Resources, Inc. (NYSE:EOG)

Dearborn Partners LLC reduced its holdings in EOG Resources, Inc. (NYSE:EOG) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 197,618 shares of the energy exploration company’s stock after selling 5,360 shares during the period. Dearborn Partners LLC’s holdings in EOG Resources were worth $24,293,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. CIBC Asset Management Inc raised its position in EOG Resources by 6.6% during the third quarter. CIBC Asset Management Inc now owns 92,933 shares of the energy exploration company’s stock valued at $11,424,000 after acquiring an additional 5,757 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of EOG Resources by 2.7% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 34,705 shares of the energy exploration company’s stock worth $4,266,000 after purchasing an additional 903 shares during the period. Metis Global Partners LLC increased its holdings in shares of EOG Resources by 9.3% during the 3rd quarter. Metis Global Partners LLC now owns 24,580 shares of the energy exploration company’s stock valued at $3,022,000 after purchasing an additional 2,088 shares in the last quarter. Curi RMB Capital LLC lifted its stake in shares of EOG Resources by 10.4% in the 3rd quarter. Curi RMB Capital LLC now owns 196,612 shares of the energy exploration company’s stock valued at $24,170,000 after purchasing an additional 18,492 shares during the period. Finally, KBC Group NV grew its position in EOG Resources by 11.4% during the third quarter. KBC Group NV now owns 119,132 shares of the energy exploration company’s stock valued at $14,645,000 after buying an additional 12,210 shares during the period. Institutional investors and hedge funds own 89.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on EOG shares. Wolfe Research began coverage on shares of EOG Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Barclays cut their price target on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. UBS Group lowered their price target on EOG Resources from $167.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price objective on EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Finally, Scotiabank reduced their target price on EOG Resources from $150.00 to $140.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Thirteen research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $142.20.

Insider Activity at EOG Resources

In related news, Director Charles R. Crisp sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the sale, the director now owns 60,892 shares in the company, valued at approximately $7,648,035.20. The trade was a 9.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael P. Donaldson sold 11,037 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $129.50, for a total transaction of $1,429,291.50. Following the sale, the executive vice president now directly owns 74,250 shares in the company, valued at $9,615,375. This represents a 12.94 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

EOG Resources Price Performance

EOG Resources stock opened at $135.19 on Friday. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The stock has a market cap of $76.04 billion, a P/E ratio of 10.88, a PEG ratio of 3.56 and a beta of 1.28. The company has a 50-day moving average price of $125.70 and a 200 day moving average price of $125.98. EOG Resources, Inc. has a 12-month low of $108.94 and a 12-month high of $139.67.

EOG Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Friday, January 17th. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s payout ratio is presently 29.31%.

EOG Resources announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 7th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

EOG Resources Profile

EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas primarily in producing basins in the United States, the Republic of Trinidad and Tobago and internationally. The company was formerly known as Enron Oil & Gas Company.