Connor Clark & Lunn Investment Management Ltd. Invests $10.75 Million in EOG Resources, Inc. (NYSE:EOG)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in EOG Resources, Inc. (NYSE:EOG) in the 3rd quarter, HoldingsChannel reports. The fund purchased 87,468 shares of the energy exploration company’s stock, valued at approximately $10,752,000.

A number of other hedge funds also recently bought and sold shares of the company. Caprock Group LLC increased its position in shares of EOG Resources by 7.7% during the third quarter. Caprock Group LLC now owns 12,112 shares of the energy exploration company’s stock valued at $1,489,000 after acquiring an additional 862 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in shares of EOG Resources by 3,976.8% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 10,885 shares of the energy exploration company’s stock worth $1,370,000 after purchasing an additional 10,618 shares in the last quarter. KBC Group NV raised its stake in shares of EOG Resources by 11.4% in the third quarter. KBC Group NV now owns 119,132 shares of the energy exploration company’s stock worth $14,645,000 after purchasing an additional 12,210 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of EOG Resources by 44.2% during the third quarter. Sequoia Financial Advisors LLC now owns 10,603 shares of the energy exploration company’s stock valued at $1,303,000 after buying an additional 3,251 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in EOG Resources by 67.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 843,682 shares of the energy exploration company’s stock worth $107,856,000 after buying an additional 339,480 shares in the last quarter. Institutional investors own 89.91% of the company’s stock.

EOG Resources Stock Down 0.7 %

Shares of EOG stock opened at $135.32 on Friday. The stock has a market cap of $76.11 billion, a P/E ratio of 10.90, a PEG ratio of 3.58 and a beta of 1.28. The company’s fifty day simple moving average is $127.61 and its two-hundred day simple moving average is $126.16. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13. EOG Resources, Inc. has a 52 week low of $108.94 and a 52 week high of $139.67.

EOG Resources declared that its board has approved a stock repurchase program on Thursday, November 7th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

EOG Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be issued a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, January 17th. This is a boost from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s dividend payout ratio (DPR) is currently 31.40%.

Insiders Place Their Bets

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total transaction of $76,867.44. Following the sale, the director now directly owns 43,532 shares in the company, valued at $5,891,185.56. This represents a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael P. Donaldson sold 11,037 shares of EOG Resources stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $129.50, for a total value of $1,429,291.50. Following the completion of the transaction, the executive vice president now owns 74,250 shares of the company’s stock, valued at approximately $9,615,375. This trade represents a 12.94 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Piper Sandler downgraded shares of EOG Resources from an “overweight” rating to a “neutral” rating and raised their price target for the company from $147.00 to $149.00 in a report on Monday. Truist Financial increased their price target on EOG Resources from $115.00 to $135.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Raymond James lifted their price objective on EOG Resources from $156.00 to $167.00 and gave the stock a “strong-buy” rating in a report on Thursday. Barclays lowered their target price on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, UBS Group reduced their price target on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Fifteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, EOG Resources has a consensus rating of “Hold” and an average target price of $144.00.

About EOG Resources

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.