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 note issued on Wednesday, MarketBeat.com reports. The firm presently has a $155.00 price objective on the energy exploration company’s stock, up from their previous price objective of $150.00. Royal Bank of Canada’s price target points to a potential upside of 17.14% from the stock’s previous close.

EOG has been the topic of several other reports. Mizuho cut 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. Wells Fargo & Company raised EOG Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $147.00 to $150.00 in a research report on Tuesday, December 17th. Raymond James lifted their target price on EOG Resources from $167.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Benchmark reaffirmed a “hold” rating on shares of EOG Resources in a research report on Monday, January 13th. Finally, Truist Financial lifted their target price on EOG Resources from $135.00 to $137.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Twelve 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. According to MarketBeat.com, EOG Resources has an average rating of “Moderate Buy” and a consensus price target of $144.14.

EOG Resources Trading Up 1.3 %

NYSE:EOG opened at $132.32 on Wednesday. The business’s 50-day moving average is $127.78 and its two-hundred day moving average is $127.34. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07. EOG Resources has a 12 month low of $109.06 and a 12 month high of $139.67. The firm has a market capitalization of $74.42 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 3.36 and a beta of 1.27.

EOG Resources declared that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock buyback programs are typically 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 company’s 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 completion of the sale, the chief operating officer now directly owns 42,703 shares in the company, valued at $5,162,365.67. This represents a 8.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Janet F. Clark sold 568 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the sale, the director now owns 43,532 shares of the company’s stock, 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. Insiders own 0.30% of the company’s stock.

Institutional Trading of EOG Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Brookstone Capital Management acquired a new stake in EOG Resources during the third quarter worth about $217,000. Ritholtz Wealth Management raised its stake in shares of EOG Resources by 3.6% in the third quarter. Ritholtz Wealth Management now owns 4,220 shares of the energy exploration company’s stock valued at $519,000 after acquiring an additional 147 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of EOG Resources in the third quarter valued at approximately $834,000. Wedge Capital Management L L P NC bought a new position in shares of EOG Resources in the third quarter valued at approximately $3,093,000. Finally, Creative Planning increased its holdings in shares of EOG Resources by 0.9% in the third quarter. Creative Planning now owns 209,875 shares of the energy exploration company’s stock valued at $25,800,000 after purchasing an additional 1,773 shares in the last quarter. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

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.