Brokers Offer Predictions for EOG Resources FY2024 Earnings

EOG Resources, Inc. (NYSE:EOG) – Equities research analysts at Capital One Financial increased their FY2024 earnings estimates for EOG Resources in a report issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now anticipates that the energy exploration company will earn $11.40 per share for the year, up from their prior estimate of $11.37. The consensus estimate for EOG Resources’ current full-year earnings is $11.47 per share. Capital One Financial also issued estimates for EOG Resources’ Q4 2024 earnings at $2.53 EPS.

Several other brokerages also recently issued reports on EOG. StockNews.com downgraded EOG Resources from a “buy” rating to a “hold” rating in a research note on Friday, January 3rd. Wolfe Research upgraded shares of EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research report on Friday, January 3rd. Citigroup lifted their price target on shares of EOG Resources from $127.00 to $134.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Raymond James increased their price objective on shares of EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Finally, Piper Sandler reduced their target price on EOG Resources from $149.00 to $140.00 and set a “neutral” rating on the stock in a report on Tuesday, December 17th. Thirteen research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, EOG Resources has an average rating of “Hold” and a consensus target price of $143.71.

EOG Resources Stock Performance

EOG opened at $128.31 on Friday. The company has a 50 day simple moving average of $127.76 and a two-hundred day simple moving average of $126.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07. The firm has a market cap of $72.17 billion, a P/E ratio of 10.33, a PEG ratio of 3.37 and a beta of 1.29. EOG Resources has a 1-year low of $108.94 and a 1-year high of $139.67.

Institutional Trading of EOG Resources

Several hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its stake in EOG Resources by 0.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,411,032 shares of the energy exploration company’s stock valued at $2,140,338,000 after purchasing an additional 75,194 shares in the last quarter. Geode Capital Management LLC grew its holdings in EOG Resources by 1.5% in the third quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock valued at $1,513,446,000 after purchasing an additional 180,755 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of EOG Resources by 2.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 12,311,541 shares of the energy exploration company’s stock worth $1,549,098,000 after buying an additional 260,727 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of EOG Resources by 64.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock worth $694,717,000 after buying an additional 2,076,134 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in EOG Resources by 9.1% in the 2nd quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock valued at $609,300,000 after acquiring an additional 403,676 shares during the last quarter. 89.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EOG Resources

In other news, Director Janet F. Clark sold 568 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total value 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 represents a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey R. Leitzell sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $120.89, for a total transaction of $483,560.00. Following the transaction, the chief operating officer now directly owns 42,703 shares in the company, valued at $5,162,365.67. The trade was a 8.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a dividend of $0.975 per share. This is a boost from EOG Resources’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Friday, January 17th. This represents a $3.90 annualized dividend and a yield of 3.04%. EOG Resources’s payout ratio is presently 29.31%.

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

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.