Bank of New York Mellon Corp Decreases Position in EOG Resources, Inc. (NYSE:EOG)

Bank of New York Mellon Corp reduced its position in shares of EOG Resources, Inc. (NYSE:EOG) by 20.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,126,401 shares of the energy exploration company’s stock after selling 1,043,101 shares during the period. Bank of New York Mellon Corp owned 0.73% of EOG Resources worth $505,814,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Pine Valley Investments Ltd Liability Co purchased a new stake in shares of EOG Resources during the fourth quarter worth approximately $217,000. BankPlus Trust Department acquired a new stake in EOG Resources during the 4th quarter worth $97,000. Edge Capital Group LLC grew its holdings in shares of EOG Resources by 1.7% during the fourth quarter. Edge Capital Group LLC now owns 12,639 shares of the energy exploration company’s stock worth $1,549,000 after buying an additional 206 shares in the last quarter. Rothschild Investment LLC raised its position in shares of EOG Resources by 1.9% in the fourth quarter. Rothschild Investment LLC now owns 10,197 shares of the energy exploration company’s stock valued at $1,250,000 after buying an additional 192 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of EOG Resources by 4.2% in the fourth quarter. IFP Advisors Inc now owns 13,121 shares of the energy exploration company’s stock worth $1,609,000 after buying an additional 528 shares in the last quarter. Institutional investors and hedge funds own 89.91% of the company’s stock.

EOG Resources Trading Down 1.8 %

Shares of EOG stock opened at $131.23 on Wednesday. EOG Resources, Inc. has a fifty-two week low of $111.13 and a fifty-two week high of $139.67. The company has a 50 day moving average price of $128.69 and a 200 day moving average price of $127.86. The stock has a market capitalization of $73.81 billion, a P/E ratio of 10.57, a price-to-earnings-growth ratio of 3.58 and a beta of 1.27. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31.

EOG Resources announced that its Board of Directors has authorized a stock buyback program on Thursday, November 7th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the energy exploration company to buy up to 7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

EOG has been the subject of a number of recent research reports. Citigroup increased their price objective on shares of EOG Resources from $127.00 to $134.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Wolfe Research raised EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 price target for the company in a report on Friday, January 3rd. Mizuho reduced their price objective on EOG Resources from $156.00 to $148.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Piper Sandler upped their target price on EOG Resources from $140.00 to $141.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Finally, Raymond James lifted their price target on EOG Resources from $167.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 23rd. Twelve equities 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.85.

Insider Buying and Selling at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 4,000 shares of the company’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 sale, the chief operating officer now owns 42,703 shares of the company’s stock, valued at approximately $5,162,365.67. This represents a 8.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

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.