Raymond James Forecasts Strong Price Appreciation for EOG Resources (NYSE:EOG) Stock

EOG Resources (NYSE:EOG) had its target price raised by analysts at Raymond James from $156.00 to $167.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the energy exploration company’s stock. Raymond James’ target price points to a potential upside of 22.48% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Barclays dropped their price target on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their target price on shares of EOG Resources from $143.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Evercore ISI reduced their price target on shares of EOG Resources from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Scotiabank decreased their price objective on shares of 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. Finally, Wells Fargo & Company boosted their target price on shares of EOG Resources from $135.00 to $147.00 and gave the company an “equal weight” rating in a research note on Thursday. Fifteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $144.00.

EOG Resources Stock Performance

EOG opened at $136.35 on Thursday. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13. The firm has a market cap of $76.69 billion, a PE ratio of 10.98, a P/E/G ratio of 3.58 and a beta of 1.28. The business has a fifty day simple moving average of $127.95 and a 200-day simple moving average of $126.20. EOG Resources has a fifty-two week low of $108.94 and a fifty-two week high of $139.67.

EOG Resources declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 7th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the energy exploration company to buy up to 7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at EOG Resources

In other news, 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 transaction, the executive vice president now owns 74,250 shares of the company’s stock, valued at approximately $9,615,375. This represents a 12.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet F. Clark sold 568 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the completion of the transaction, the director now directly owns 43,532 shares in the company, valued at $5,891,185.56. The trade was a 1.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On EOG Resources

A number of institutional investors have recently modified their holdings of EOG. Northwest Investment Counselors LLC acquired a new position in EOG Resources in the 3rd quarter valued at $26,000. Riverview Trust Co acquired a new stake in shares of EOG Resources in the second quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new position in shares of EOG Resources in the second quarter worth about $28,000. Eastern Bank acquired a new position in shares of EOG Resources during the 3rd quarter worth about $28,000. Finally, Gladius Capital Management LP bought a new stake in EOG Resources during the 2nd quarter valued at approximately $30,000. Institutional investors own 89.91% of the company’s stock.

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.