EOG Resources, Inc. (NYSE:EOG) Raised to “Hold” at Zacks Investment Research
EOG Resources, Inc. (NYSE:EOG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “EOG Resources holds premium acreages in three prospective oil plays in the U.S. – the Permian, Bakken and Eagle Ford shale plays. For 2017, the firm plans to complete 480 wells in those resources, higher than 445 recorded in 2016. During 2016, almost 50% of the wells drilled by the firm met the standard of premium wells. The company now expects 80% and 90% of the wells to meet the standards in 2017 and 2018, respectively. Also, in the promising U.S. shale plays, EOG Resources has identified 7,200 premium wells that can give it access to almost 6.5 billion barrels of oil equivalent estimated potential reserves over a period of 10 years. However, excessive dependence on the North American shale plays and rising long-term debt over the last two years raise concerns.”
Several other equities analysts have also recently issued reports on EOG. BMO Capital Markets reissued a “buy” rating and issued a $95.00 price objective on shares of EOG Resources in a report on Friday. Barclays PLC reissued an “overweight” rating and issued a $101.00 price objective (up previously from $94.00) on shares of EOG Resources in a report on Thursday. Scotiabank reissued a “hold” rating and issued a $100.00 price objective on shares of EOG Resources in a report on Thursday. BidaskClub raised EOG Resources from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Citigroup Inc. cut EOG Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $112.00 to $98.00 in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $108.23.
Shares of EOG Resources (NYSE EOG) traded down 0.86% during mid-day trading on Monday, reaching $89.67. The company’s stock had a trading volume of 3,886,628 shares. The firm’s market cap is $51.78 billion. The firm’s 50-day moving average price is $90.89 and its 200 day moving average price is $94.81. EOG Resources has a 12-month low of $79.67 and a 12-month high of $109.37.
EOG Resources (NYSE:EOG) last issued its quarterly earnings results on Tuesday, August 1st. The energy exploration company reported $0.08 EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.02. EOG Resources had a negative return on equity of 0.68% and a negative net margin of 2.88%. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the firm posted ($0.38) EPS. The business’s revenue was up 47.1% compared to the same quarter last year. On average, analysts expect that EOG Resources will post $0.62 EPS for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in EOG Resources by 2,098.0% in the first quarter. BlackRock Inc. now owns 35,740,352 shares of the energy exploration company’s stock worth $3,486,473,000 after buying an additional 34,114,299 shares in the last quarter. Jennison Associates LLC boosted its position in EOG Resources by 35.3% in the first quarter. Jennison Associates LLC now owns 6,971,347 shares of the energy exploration company’s stock worth $680,055,000 after buying an additional 1,816,980 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in EOG Resources by 9,208.1% in the second quarter. Harbour Capital Advisors LLC now owns 937,697 shares of the energy exploration company’s stock worth $10,359,000 after buying an additional 927,623 shares in the last quarter. Janus Capital Management LLC boosted its position in EOG Resources by 218.4% in the first quarter. Janus Capital Management LLC now owns 1,176,906 shares of the energy exploration company’s stock worth $114,807,000 after buying an additional 807,243 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in EOG Resources by 124.6% in the first quarter. Point72 Asset Management L.P. now owns 1,333,534 shares of the energy exploration company’s stock worth $130,086,000 after buying an additional 739,890 shares in the last quarter. Hedge funds and other institutional investors own 85.14% of the company’s stock.
About EOG Resources
EOG Resources, Inc explores for, develops, produces and markets crude oil and natural gas in major producing basins in the United States, The Republic of Trinidad and Tobago, the United Kingdom, The People’s Republic of China, Canada and, from time to time, select other international areas. Its operations are all crude oil and natural gas exploration and production related.
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