EOG Resources (EOG) Rating Increased to Buy at Zacks Investment Research
EOG Resources (NYSE:EOG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $129.00 price objective on the energy exploration company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.50% from the stock’s current price.
According to Zacks, “EOG Resources holds premium acreages in the Permian, Bakken and Eagle Ford oil shale plays in the United States. We appreciate the firm’s plan to complete 505 wells in the resources in 2017, significantly higher than 443 recorded in 2016. Notably, during 2016, almost 50% of the wells drilled by the firm met the standard of premium wells. The company expected 80% and 90% of the wells to meet the standards in 2017 and 2018, respectively. In the promising U.S. shale plays, EOG Resources has identified 8,000 premium wells that can give access to almost 7.3 billion barrels of oil equivalent estimated potential reserves over a period of 10 years. The upstream energy player’s pricing chart history is also impressive. Over the past year, the stock has rallied 9.8%, outperforming the industry’s 9.4% decline.”
A number of other equities research analysts have also issued reports on the company. Credit Suisse Group initiated coverage on EOG Resources in a research note on Monday, December 11th. They issued a “neutral” rating and a $106.00 price target for the company. Robert W. Baird cut their price target on EOG Resources from $115.00 to $114.00 and set an “outperform” rating for the company in a research note on Monday, December 18th. Barclays increased their price target on EOG Resources from $101.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Piper Jaffray Companies cut their price target on EOG Resources from $109.00 to $94.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. Finally, Morgan Stanley set a $116.00 price target on EOG Resources and gave the stock a “buy” rating in a research note on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $114.50.
EOG Resources (NYSE:EOG) last issued its quarterly earnings results on Thursday, November 2nd. The energy exploration company reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.07. EOG Resources had a return on equity of 1.73% and a net margin of 0.10%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business posted ($0.40) EPS. EOG Resources’s revenue for the quarter was up 24.8% compared to the same quarter last year. equities analysts anticipate that EOG Resources will post 0.89 earnings per share for the current fiscal year.
In related news, President Gary L. Thomas sold 40,000 shares of the stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $112.94, for a total value of $4,517,600.00. Following the completion of the transaction, the president now owns 1,006,461 shares of the company’s stock, valued at approximately $113,669,705.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy K. Driggers sold 8,871 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $105.45, for a total transaction of $935,446.95. Following the completion of the transaction, the chief financial officer now directly owns 185,157 shares of the company’s stock, valued at approximately $19,524,805.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,048 shares of company stock valued at $8,189,473. Company insiders own 0.53% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Baker Ellis Asset Management LLC bought a new position in shares of EOG Resources in the 3rd quarter valued at about $101,000. Chicago Partners Investment Group LLC lifted its holdings in shares of EOG Resources by 178.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 1,112 shares of the energy exploration company’s stock valued at $108,000 after acquiring an additional 712 shares during the last quarter. Fis Group Inc. bought a new position in shares of EOG Resources in the 3rd quarter valued at about $130,000. Quantbot Technologies LP bought a new position in shares of EOG Resources in the 3rd quarter valued at about $153,000. Finally, Zions Bancorporation lifted its holdings in shares of EOG Resources by 5,268.6% in the 3rd quarter. Zions Bancorporation now owns 1,879 shares of the energy exploration company’s stock valued at $182,000 after acquiring an additional 1,844 shares during the last quarter. 85.28% of the stock is owned by hedge funds and other institutional investors.
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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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