Zacks Research Weighs in on EOG Resources, Inc.’s Q2 2024 Earnings (NYSE:EOG)

EOG Resources, Inc. (NYSE:EOG) – Analysts at Zacks Research upped their Q2 2024 earnings estimates for shares of EOG Resources in a note issued to investors on Tuesday, July 23rd. Zacks Research analyst A. Kanoria now expects that the energy exploration company will earn $2.98 per share for the quarter, up from their previous estimate of $2.91. The consensus estimate for EOG Resources’ current full-year earnings is $12.13 per share. Zacks Research also issued estimates for EOG Resources’ Q3 2024 earnings at $3.31 EPS, Q4 2024 earnings at $3.02 EPS, FY2024 earnings at $12.13 EPS, Q4 2025 earnings at $3.17 EPS and Q1 2026 earnings at $2.85 EPS.

EOG Resources (NYSE:EOG) last posted its earnings results on Thursday, May 2nd. The energy exploration company reported $2.82 EPS for the quarter, topping the consensus estimate of $2.70 by $0.12. EOG Resources had a net margin of 30.33% and a return on equity of 24.83%. The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm earned $2.69 EPS. EOG Resources’s quarterly revenue was up 1.3% on a year-over-year basis.

Other analysts have also issued reports about the stock. KeyCorp assumed coverage on shares of EOG Resources in a research note on Thursday, June 27th. They issued an “overweight” rating and a $157.00 price target for the company. Stifel Nicolaus reduced their price target on shares of EOG Resources from $153.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Morgan Stanley upped their price target on shares of EOG Resources from $132.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. TD Cowen upped their price target on shares of EOG Resources from $130.00 to $144.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. Finally, Barclays began coverage on shares of EOG Resources in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $144.00 target price for the company. Fifteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $143.20.

EOG Resources Trading Up 0.1 %

Shares of NYSE:EOG opened at $127.15 on Friday. The company has a 50 day moving average of $124.73 and a 200-day moving average of $123.34. The firm has a market cap of $73.07 billion, a P/E ratio of 10.04, a P/E/G ratio of 2.22 and a beta of 1.30. EOG Resources has a twelve month low of $108.94 and a twelve month high of $139.67. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On EOG Resources

Institutional investors and hedge funds have recently modified their holdings of the business. HB Wealth Management LLC lifted its position in EOG Resources by 43.8% during the 2nd quarter. HB Wealth Management LLC now owns 11,403 shares of the energy exploration company’s stock worth $1,435,000 after acquiring an additional 3,472 shares during the last quarter. 1834 Investment Advisors Co. lifted its position in EOG Resources by 21.1% during the 2nd quarter. 1834 Investment Advisors Co. now owns 2,690 shares of the energy exploration company’s stock worth $339,000 after acquiring an additional 469 shares during the last quarter. Wright Investors Service Inc. lifted its position in EOG Resources by 2.1% during the 2nd quarter. Wright Investors Service Inc. now owns 10,380 shares of the energy exploration company’s stock worth $1,307,000 after acquiring an additional 217 shares during the last quarter. Breakwater Capital Group lifted its position in EOG Resources by 6.6% during the 2nd quarter. Breakwater Capital Group now owns 2,177 shares of the energy exploration company’s stock worth $274,000 after acquiring an additional 134 shares during the last quarter. Finally, Atomi Financial Group Inc. acquired a new position in EOG Resources during the 2nd quarter worth $388,000. Institutional investors and hedge funds own 89.91% of the company’s stock.

Insider Buying and Selling at EOG Resources

In other EOG Resources news, President Lloyd W. Helms, Jr. sold 1,296 shares of EOG Resources stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $130.27, for a total transaction of $168,829.92. Following the completion of the sale, the president now owns 161,109 shares of the company’s stock, valued at approximately $20,987,669.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, President Lloyd W. Helms, Jr. sold 1,296 shares of EOG Resources stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $130.27, for a total value of $168,829.92. Following the completion of the sale, the president now owns 161,109 shares of the company’s stock, valued at approximately $20,987,669.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael P. Donaldson sold 2,685 shares of EOG Resources stock in a transaction on Monday, May 13th. The shares were sold at an average price of $130.29, for a total transaction of $349,828.65. Following the completion of the sale, the executive vice president now directly owns 109,040 shares of the company’s stock, valued at approximately $14,206,821.60. The disclosure for this sale can be found here. Insiders sold 16,512 shares of company stock valued at $2,144,972 in the last quarter. Company insiders own 0.30% of the company’s stock.

EOG Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Wednesday, July 17th. EOG Resources’s dividend payout ratio (DPR) is currently 28.75%.

EOG Resources Company Profile

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.