EOG Resources (NYSE:EOG) Rating Lowered to Neutral at Piper Sandler

Piper Sandler downgraded shares of EOG Resources (NYSE:EOG) from an overweight rating to a neutral rating in a research note released on Monday morning, MarketBeat reports. The firm currently has $149.00 target price on the energy exploration company’s stock, up from their prior target price of $147.00.

EOG has been the topic of a number of other reports. Morgan Stanley lowered their target price on shares of EOG Resources from $134.00 to $132.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Susquehanna lowered their price objective on shares of EOG Resources from $159.00 to $158.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. UBS Group cut their target price on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Royal Bank of Canada restated a “sector perform” rating and set a $145.00 price target on shares of EOG Resources in a research report on Monday, October 14th. Finally, KeyCorp cut their price objective on EOG Resources from $157.00 to $150.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Fifteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $142.30.

EOG Resources Price Performance

Shares of NYSE:EOG opened at $136.54 on Monday. The company has a 50 day moving average of $126.57 and a 200 day moving average of $125.99. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The stock has a market cap of $76.80 billion, a P/E ratio of 10.99, a P/E/G ratio of 3.57 and a beta of 1.28. EOG Resources has a 12 month low of $108.94 and a 12 month high of $139.67.

EOG Resources declared that its board has initiated a stock buyback plan on Thursday, November 7th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the energy exploration company to purchase up to 7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

EOG Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be issued a $0.975 dividend. This represents a $3.90 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Friday, January 17th. This is a boost from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s dividend payout ratio is 31.40%.

Insider Transactions at EOG Resources

In other EOG Resources news, Director Charles R. Crisp sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the sale, the director now directly owns 60,892 shares of the company’s stock, valued at approximately $7,648,035.20. The trade was a 9.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael P. Donaldson sold 11,037 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $129.50, for a total value of $1,429,291.50. Following the completion of the sale, the executive vice president now directly owns 74,250 shares in the company, valued at approximately $9,615,375. This represents a 12.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

Institutional investors have recently modified their holdings of the business. Capital Research Global Investors raised its position in EOG Resources by 1.3% in the 1st quarter. Capital Research Global Investors now owns 28,889,715 shares of the energy exploration company’s stock worth $3,693,261,000 after buying an additional 373,365 shares during the last quarter. Capital World Investors grew its stake in shares of EOG Resources by 5.4% in the first quarter. Capital World Investors now owns 26,782,454 shares of the energy exploration company’s stock worth $3,423,869,000 after acquiring an additional 1,361,538 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of EOG Resources by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 17,411,032 shares of the energy exploration company’s stock valued at $2,140,338,000 after purchasing an additional 75,194 shares during the last quarter. Geode Capital Management LLC lifted its position in EOG Resources by 1.5% during the third quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock valued at $1,513,446,000 after purchasing an additional 180,755 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in EOG Resources by 2.2% in the second quarter. Ameriprise Financial Inc. now owns 12,311,541 shares of the energy exploration company’s stock worth $1,549,098,000 after purchasing an additional 260,727 shares during the last quarter. 89.91% of the stock is owned by hedge funds and other institutional investors.

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.