Bank of America Reiterates Neutral Rating for EOG Resources (NYSE:EOG)

Bank of America reissued their neutral rating on shares of EOG Resources (NYSE:EOG) in a research report report published on Monday, Marketbeat Ratings reports. The firm currently has a $144.00 price target on the energy exploration company’s stock, down from their prior price target of $151.00.

Several other equities research analysts have also recently weighed in on the stock. Scotiabank dropped their price target on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Benchmark reiterated a “hold” rating on shares of EOG Resources in a report on Tuesday, November 12th. Mizuho lowered their price target on EOG Resources from $156.00 to $148.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Truist Financial increased their price objective on EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, Morgan Stanley reduced their target price on 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. Thirteen research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, EOG Resources currently has a consensus rating of “Hold” and an average price target of $143.48.

EOG Resources Stock Performance

Shares of EOG stock opened at $137.17 on Monday. The company has a market capitalization of $77.15 billion, a P/E ratio of 11.04, a PEG ratio of 3.37 and a beta of 1.29. EOG Resources has a fifty-two week low of $108.94 and a fifty-two week high of $139.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. The stock has a 50 day moving average price of $128.48 and a two-hundred day moving average price of $126.84.

EOG Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a dividend of $0.975 per share. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. The ex-dividend date is Friday, January 17th. This represents a $3.90 dividend on an annualized basis and a yield of 2.84%. EOG Resources’s dividend payout ratio is presently 31.40%.

EOG Resources announced that its board has authorized a share repurchase program on Thursday, November 7th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, COO Jeffrey R. Leitzell sold 4,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 42,703 shares in the company, valued at $5,162,365.67. This trade represents a 8.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janet F. Clark sold 568 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total transaction of $76,867.44. Following the transaction, the director now owns 43,532 shares in the company, valued at $5,891,185.56. This trade represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On EOG Resources

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in EOG Resources by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 17,411,032 shares of the energy exploration company’s stock worth $2,140,338,000 after purchasing an additional 75,194 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of EOG Resources by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock worth $1,513,446,000 after acquiring an additional 180,755 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in EOG Resources by 2.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 12,311,541 shares of the energy exploration company’s stock valued at $1,549,098,000 after acquiring an additional 260,727 shares during the period. Franklin Resources Inc. grew its position in EOG Resources by 64.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock valued at $694,717,000 after acquiring an additional 2,076,134 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of EOG Resources by 9.1% during the second quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock worth $609,300,000 after purchasing an additional 403,676 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.