Moran Wealth Management LLC Trims Stake in EOG Resources, Inc. (NYSE:EOG)

Moran Wealth Management LLC reduced its position in shares of EOG Resources, Inc. (NYSE:EOG) by 4.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,862 shares of the energy exploration company’s stock after selling 13,848 shares during the period. EOG Resources makes up 1.1% of Moran Wealth Management LLC’s portfolio, making the stock its 13th biggest holding. Moran Wealth Management LLC owned about 0.05% of EOG Resources worth $35,141,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new position in EOG Resources in the third quarter worth $26,000. Riverview Trust Co bought a new stake in EOG Resources in the second quarter worth $27,000. MFA Wealth Advisors LLC bought a new position in shares of EOG Resources during the second quarter valued at about $28,000. Eastern Bank bought a new position in shares of EOG Resources during the third quarter valued at about $28,000. Finally, Gladius Capital Management LP bought a new position in shares of EOG Resources during the second quarter valued at about $30,000. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EOG has been the subject of several recent analyst reports. Morgan Stanley lowered their price objective on shares of EOG Resources from $134.00 to $132.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. reduced their price target on shares of EOG Resources from $143.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Barclays reduced their price target on shares of EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. UBS Group reduced their price target on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, KeyCorp reduced their price target on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Fifteen analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, EOG Resources has an average rating of “Hold” and an average price target of $142.30.

Insider Activity

In related news, EVP Michael P. Donaldson sold 11,037 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 74,250 shares of the company’s stock, valued at approximately $9,615,375. This trade represents a 12.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

EOG Resources Price Performance

Shares of EOG stock traded up $0.83 on Wednesday, hitting $136.01. 314,967 shares of the stock traded hands, compared to its average volume of 3,120,339. The firm has a market cap of $76.50 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 3.57 and a beta of 1.28. EOG Resources, Inc. has a 52 week low of $108.94 and a 52 week high of $139.67. The firm has a 50 day simple moving average of $126.90 and a two-hundred day simple moving average of $126.03. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a dividend yield of 2.87%. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Friday, January 17th. EOG Resources’s dividend payout ratio (DPR) is presently 29.31%.

EOG Resources declared that its board has authorized a stock buyback plan on Thursday, November 7th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the energy exploration company to purchase up to 7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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.