iA Global Asset Management Inc. Lowers Stake in EOG Resources, Inc. (NYSE:EOG)

iA Global Asset Management Inc. decreased its holdings in shares of EOG Resources, Inc. (NYSE:EOG) by 62.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,198 shares of the energy exploration company’s stock after selling 61,420 shares during the period. iA Global Asset Management Inc.’s holdings in EOG Resources were worth $4,573,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Diversify Advisory Services LLC acquired a new position in EOG Resources during the 2nd quarter worth approximately $638,000. MJP Associates Inc. ADV raised its position in EOG Resources by 5.9% in the second quarter. MJP Associates Inc. ADV now owns 2,661 shares of the energy exploration company’s stock worth $335,000 after acquiring an additional 149 shares in the last quarter. Czech National Bank lifted its holdings in EOG Resources by 6.7% in the second quarter. Czech National Bank now owns 109,517 shares of the energy exploration company’s stock valued at $13,785,000 after acquiring an additional 6,912 shares during the period. Chatham Capital Group Inc. boosted its position in shares of EOG Resources by 37.5% during the 2nd quarter. Chatham Capital Group Inc. now owns 9,282 shares of the energy exploration company’s stock worth $1,168,000 after purchasing an additional 2,533 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of EOG Resources by 10.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,352 shares of the energy exploration company’s stock worth $925,000 after purchasing an additional 670 shares during the period. Institutional investors and hedge funds own 89.91% of the company’s stock.

EOG Resources Stock Down 1.7 %

Shares of NYSE EOG opened at $127.81 on Friday. The firm has a market cap of $71.89 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 3.44 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. EOG Resources, Inc. has a 1 year low of $108.94 and a 1 year high of $139.67. The firm’s 50 day moving average price is $129.37 and its 200 day moving average price is $126.31.

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

EOG Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be issued 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 dividend yield of 3.05%. EOG Resources’s dividend payout ratio (DPR) is 29.31%.

Insider Activity

In related news, Director Janet F. Clark sold 568 shares of the 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 transaction, the director now directly owns 43,532 shares in the company, 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 filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

EOG has been the subject of several recent analyst reports. Susquehanna reduced their price objective on shares of EOG Resources from $159.00 to $158.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Barclays decreased 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. Citigroup raised their price objective on EOG Resources from $127.00 to $134.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler downgraded EOG Resources from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $147.00 to $149.00 in a research report on Monday, November 18th. Finally, Morgan Stanley lowered their target price on EOG Resources from $134.00 to $132.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Fifteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $144.20.

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.