EOG Resources (NYSE:EOG) Rating Increased to Outperform at Royal Bank of Canada

EOG Resources (NYSE:EOG) was upgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $155.00 price target on the energy exploration company’s stock, up from their prior price target of $150.00. Royal Bank of Canada’s price objective points to a potential upside of 17.14% from the stock’s current price.

A number of other brokerages have also issued reports on EOG. Mizuho lowered their price target on EOG Resources from $156.00 to $148.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Benchmark reaffirmed a “hold” rating on shares of EOG Resources in a research note on Monday, January 13th. StockNews.com upgraded EOG Resources from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. Piper Sandler boosted their price objective on EOG Resources from $140.00 to $141.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Finally, KeyCorp cut their price target on EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.14.

EOG Resources Trading Up 1.3 %

Shares of NYSE:EOG opened at $132.32 on Wednesday. The business has a 50-day moving average price of $127.78 and a 200-day moving average price of $127.34. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13. The stock has a market cap of $74.42 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 3.36 and a beta of 1.27. EOG Resources has a 52-week low of $109.06 and a 52-week high of $139.67.

EOG Resources declared that its Board of Directors has initiated a share repurchase program on Thursday, November 7th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at EOG Resources

In other EOG Resources 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 transaction of $483,560.00. Following the completion of the transaction, the chief operating officer now owns 42,703 shares of the company’s stock, valued at approximately $5,162,365.67. This trade represents a 8.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Janet F. Clark sold 568 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total value of $76,867.44. Following the transaction, the director now directly owns 43,532 shares of the company’s stock, valued at $5,891,185.56. The trade was a 1.29 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

Hedge funds have recently made changes to their positions in the business. DRW Securities LLC boosted its holdings in shares of EOG Resources by 98.6% during the third quarter. DRW Securities LLC now owns 26,838 shares of the energy exploration company’s stock worth $3,299,000 after purchasing an additional 13,324 shares during the last quarter. Caprock Group LLC boosted its holdings in EOG Resources by 7.7% in the third quarter. Caprock Group LLC now owns 12,112 shares of the energy exploration company’s stock valued at $1,489,000 after acquiring an additional 862 shares during the last quarter. World Investment Advisors LLC acquired a new position in EOG Resources in the third quarter valued at $730,000. Oak Ridge Investments LLC boosted its holdings in EOG Resources by 5.9% in the fourth quarter. Oak Ridge Investments LLC now owns 41,274 shares of the energy exploration company’s stock valued at $5,059,000 after acquiring an additional 2,311 shares during the last quarter. Finally, KBC Group NV boosted its holdings in EOG Resources by 11.4% in the third quarter. KBC Group NV now owns 119,132 shares of the energy exploration company’s stock valued at $14,645,000 after acquiring an additional 12,210 shares during the last quarter. Institutional investors and hedge funds own 89.91% 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.