Dearborn Partners LLC Sells 5,360 Shares of EOG Resources, Inc. (NYSE:EOG)

Dearborn Partners LLC trimmed its position in shares of EOG Resources, Inc. (NYSE:EOG) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,618 shares of the energy exploration company’s stock after selling 5,360 shares during the period. Dearborn Partners LLC’s holdings in EOG Resources were worth $24,293,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EOG. Northwest Investment Counselors LLC bought a new position in shares of EOG Resources in the third quarter worth about $26,000. Riverview Trust Co bought a new position in EOG Resources in the 2nd quarter worth approximately $27,000. MFA Wealth Advisors LLC bought a new position in EOG Resources in the 2nd quarter worth approximately $28,000. Eastern Bank bought a new stake in shares of EOG Resources during the third quarter valued at approximately $28,000. Finally, Gladius Capital Management LP purchased a new position in shares of EOG Resources in the second quarter worth $30,000. Hedge funds and other institutional investors own 89.91% of the company’s stock.

EOG Resources Trading Up 0.6 %

EOG opened at $135.19 on Friday. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The firm has a market cap of $76.04 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 3.56 and a beta of 1.28. EOG Resources, Inc. has a 12 month low of $108.94 and a 12 month high of $139.67. The stock has a fifty day moving average price of $125.70 and a 200-day moving average price of $125.98.

EOG Resources announced that its board has authorized a stock repurchase 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

EOG Resources Increases Dividend

The company also recently disclosed 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 represents a $3.90 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, January 17th. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s payout ratio is 29.31%.

Insider Activity at EOG Resources

In other EOG Resources news, Director Charles R. Crisp sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the completion of the sale, the director now owns 60,892 shares of the company’s stock, valued at approximately $7,648,035.20. This trade represents a 9.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael P. Donaldson sold 11,037 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $129.50, for a total transaction of $1,429,291.50. Following the transaction, the executive vice president now owns 74,250 shares in the company, valued at approximately $9,615,375. This trade represents a 12.94 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on EOG. JPMorgan Chase & Co. cut their target price on shares of EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Susquehanna cut their price objective on EOG Resources from $159.00 to $158.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $145.00 target price on shares of EOG Resources in a research report on Monday, October 14th. Benchmark restated a “hold” rating on shares of EOG Resources in a report on Tuesday. Finally, Piper Sandler decreased their price objective on EOG Resources from $154.00 to $147.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Thirteen investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $142.20.

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.