EOG Resources Inc (EOG) Downgraded by Zacks Investment Research to Hold
EOG Resources Inc (NYSE:EOG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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 short-term debt through first-half 2017 raise concerns.”
EOG has been the topic of several other reports. FBR & Co lowered their price objective on shares of EOG Resources from $122.00 to $108.00 and set an “outperform” rating on the stock in a research note on Monday, June 26th. Atlantic Securities upgraded shares of EOG Resources from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $98.00 to $100.00 in a research note on Tuesday, June 27th. BidaskClub upgraded shares of EOG Resources from a “strong sell” rating to a “sell” rating in a research note on Friday, June 30th. Scotiabank set a $100.00 price objective on shares of EOG Resources and gave the stock a “hold” rating in a research note on Saturday, July 1st. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of EOG Resources in a research note on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company. EOG Resources has a consensus rating of “Buy” and an average target price of $108.68.
EOG Resources (NYSE EOG) traded up 0.74% during trading on Friday, reaching $96.47. 1,061,495 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $93.67 and a 200-day moving average price of $91.74. EOG Resources has a 12 month low of $81.99 and a 12 month high of $109.37. The firm’s market cap is $55.71 billion.
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 consensus estimate of $0.10 by ($0.02). EOG Resources had a return on equity of 0.66% and a net margin of 0.88%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period last year, the firm earned ($0.38) earnings per share. The company’s quarterly revenue was up 47.1% compared to the same quarter last year. On average, analysts forecast that EOG Resources will post $0.64 earnings per share for the current fiscal year.
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In other EOG Resources news, EVP Michael P. Donaldson sold 6,167 shares of the stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $97.50, for a total transaction of $601,282.50. Following the transaction, the executive vice president now owns 74,316 shares in the company, valued at approximately $7,245,810. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lloyd W. Helms, Jr. sold 4,000 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $88.22, for a total transaction of $352,880.00. Following the transaction, the executive vice president now owns 70,987 shares in the company, valued at approximately $6,262,473.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,578 shares of company stock worth $3,700,882. Company insiders own 0.53% of the company’s stock.
Several large investors have recently made changes to their positions in EOG. Gagnon Securities LLC lifted its holdings in shares of EOG Resources by 0.3% during the 2nd quarter. Gagnon Securities LLC now owns 3,018 shares of the energy exploration company’s stock worth $273,000 after acquiring an additional 8 shares during the period. Guardian Life Insurance Co. of America lifted its holdings in shares of EOG Resources by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 2,223 shares of the energy exploration company’s stock worth $217,000 after acquiring an additional 15 shares during the period. Winfield Associates Inc. lifted its holdings in shares of EOG Resources by 1.7% during the 2nd quarter. Winfield Associates Inc. now owns 1,151 shares of the energy exploration company’s stock worth $103,000 after acquiring an additional 19 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of EOG Resources by 0.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 5,007 shares of the energy exploration company’s stock worth $418,000 after acquiring an additional 23 shares during the period. Finally, Bank of The West lifted its holdings in shares of EOG Resources by 0.8% during the 2nd quarter. Bank of The West now owns 3,751 shares of the energy exploration company’s stock worth $339,000 after acquiring an additional 28 shares during the period. Hedge funds and other institutional investors own 85.39% of the company’s stock.
EOG Resources Company Profile
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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