EOG Resources (NYSE:EOG) Raised to “Outperform” at Wolfe Research

EOG Resources (NYSE:EOG) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued on Friday, MarketBeat reports. The brokerage presently has a $143.00 price objective on the energy exploration company’s stock. Wolfe Research’s target price would suggest a potential upside of 12.98% from the company’s current price.

Several other equities analysts have also weighed in on EOG. Mizuho cut their price target on EOG Resources from $156.00 to $148.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Barclays decreased their target price on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. KeyCorp dropped their price target on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $145.00 price objective on shares of EOG Resources in a research report on Monday, October 14th. Finally, Morgan Stanley dropped their target price on shares of EOG Resources from $134.00 to $132.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Thirteen analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, EOG Resources presently has a consensus rating of “Hold” and an average price target of $143.48.

EOG Resources Stock Up 1.5 %

EOG stock opened at $126.57 on Friday. EOG Resources has a one year low of $108.94 and a one year high of $139.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. The firm’s fifty day moving average is $127.25 and its 200 day moving average is $126.45. The firm has a market cap of $71.19 billion, a PE ratio of 10.19, a P/E/G ratio of 3.39 and a beta of 1.29.

EOG Resources announced that its Board of Directors has initiated a share buyback 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 reacquire up to 7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at EOG Resources

In related news, Director Janet F. Clark sold 568 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total transaction of $76,867.44. Following the completion of the sale, the director now directly owns 43,532 shares of the company’s stock, valued at approximately $5,891,185.56. This trade represents a 1.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey R. Leitzell sold 4,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total transaction of $483,560.00. Following the completion of the sale, the chief operating officer now owns 42,703 shares in the company, valued at approximately $5,162,365.67. This trade represents a 8.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On EOG Resources

A number of hedge funds have recently made changes to their positions in the stock. Northwest Investment Counselors LLC acquired a new position in EOG Resources during the 3rd quarter worth about $26,000. Eastern Bank purchased a new stake in EOG Resources during the third quarter worth about $28,000. Capital Performance Advisors LLP acquired a new stake in shares of EOG Resources during the third quarter worth about $31,000. HM Payson & Co. boosted its stake in shares of EOG Resources by 203.7% in the third quarter. HM Payson & Co. now owns 328 shares of the energy exploration company’s stock valued at $40,000 after purchasing an additional 220 shares during the period. Finally, Matrix Trust Co acquired a new position in shares of EOG Resources in the third quarter valued at approximately $43,000. Hedge funds and other 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.