Palouse Capital Management Inc. Lowers Position in EOG Resources, Inc. (NYSE:EOG)

Palouse Capital Management Inc. cut its holdings in shares of EOG Resources, Inc. (NYSE:EOG) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 25,717 shares of the energy exploration company’s stock after selling 96 shares during the quarter. EOG Resources accounts for about 2.1% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 16th largest holding. Palouse Capital Management Inc.’s holdings in EOG Resources were worth $3,152,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Financial Life Planners purchased a new position in shares of EOG Resources during the 4th quarter worth $25,000. Y.D. More Investments Ltd lifted its stake in EOG Resources by 149.4% during the 4th quarter. Y.D. More Investments Ltd now owns 202 shares of the energy exploration company’s stock worth $25,000 after acquiring an additional 121 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in EOG Resources during the 3rd quarter worth about $26,000. Decker Retirement Planning Inc. acquired a new position in EOG Resources during the 4th quarter worth about $27,000. Finally, Keystone Financial Group Inc. acquired a new position in EOG Resources during the 4th quarter worth about $27,000. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

EOG Resources Stock Up 0.3 %

Shares of NYSE EOG opened at $129.40 on Friday. The stock has a market cap of $72.78 billion, a PE ratio of 10.42, a price-to-earnings-growth ratio of 3.36 and a beta of 1.27. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13. EOG Resources, Inc. has a 52-week low of $109.06 and a 52-week high of $139.67. The business has a 50-day moving average price of $127.79 and a 200 day moving average price of $127.42.

EOG Resources announced that its board has authorized a share repurchase program on Thursday, November 7th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the energy exploration company to purchase up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on EOG. Benchmark reissued a “hold” rating on shares of EOG Resources in a research note on Monday, January 13th. Raymond James increased their target price on EOG Resources from $167.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. Wolfe Research raised EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 target price on the stock in a research note on Friday, January 3rd. Piper Sandler upped their price target on EOG Resources from $140.00 to $141.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Finally, Truist Financial upped their price target on EOG Resources from $135.00 to $137.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Twelve research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.14.

Insider Activity at EOG Resources

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total transaction of $76,867.44. Following the completion of the sale, the director now directly owns 43,532 shares of the company’s stock, valued at approximately $5,891,185.56. This trade represents a 1.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeffrey R. Leitzell sold 4,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $120.89, for a total value of $483,560.00. Following the sale, the chief operating officer now directly owns 42,703 shares of the company’s stock, valued at $5,162,365.67. The trade was a 8.56 % 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.

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.