EOG Resources (NYSE:EOG) Stock Price Expected to Rise, Raymond James Analyst Says

EOG Resources (NYSE:EOG) had its price objective raised by investment analysts at Raymond James from $156.00 to $167.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “strong-buy” rating on the energy exploration company’s stock. Raymond James’ price objective indicates a potential upside of 22.48% from the company’s current price.

Several other research firms also recently weighed in on EOG. StockNews.com downgraded shares of EOG Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $145.00 price objective on shares of EOG Resources in a report on Monday, October 14th. Evercore ISI reduced their target price on EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Morgan Stanley decreased their target price on EOG Resources from $134.00 to $132.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial upped their price target on EOG Resources from $115.00 to $135.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Fifteen research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, EOG Resources currently has an average rating of “Hold” and a consensus price target of $144.00.

EOG Resources Stock Up 0.6 %

EOG stock opened at $136.35 on Thursday. The company has a market capitalization of $76.69 billion, a P/E ratio of 10.98, a PEG ratio of 3.58 and a beta of 1.28. The firm has a 50 day simple moving average of $127.95 and a 200-day simple moving average of $126.20. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. EOG Resources has a twelve month low of $108.94 and a twelve month 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 repurchase $5.00 billion in shares. This repurchase authorization allows the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at EOG Resources

In related news, 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 value of $1,429,291.50. Following the completion of the sale, the executive vice president now owns 74,250 shares of the company’s stock, valued at $9,615,375. This represents a 12.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet F. Clark sold 568 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total transaction of $76,867.44. Following the completion of the transaction, the director now owns 43,532 shares of the company’s stock, valued at $5,891,185.56. This represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Chelsea Counsel Co. raised its holdings in EOG Resources by 2.0% during the third quarter. Chelsea Counsel Co. now owns 5,215 shares of the energy exploration company’s stock worth $641,000 after purchasing an additional 100 shares in the last quarter. Westside Investment Management Inc. raised its stake in shares of EOG Resources by 15.7% in the 3rd quarter. Westside Investment Management Inc. now owns 1,840 shares of the energy exploration company’s stock worth $226,000 after buying an additional 250 shares in the last quarter. Unigestion Holding SA lifted its holdings in shares of EOG Resources by 27.9% in the third quarter. Unigestion Holding SA now owns 203,862 shares of the energy exploration company’s stock valued at $25,059,000 after buying an additional 44,441 shares during the period. Soltis Investment Advisors LLC lifted its holdings in shares of EOG Resources by 88.4% in the third quarter. Soltis Investment Advisors LLC now owns 3,051 shares of the energy exploration company’s stock valued at $375,000 after buying an additional 1,432 shares during the period. Finally, TD Private Client Wealth LLC grew its holdings in EOG Resources by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 5,705 shares of the energy exploration company’s stock worth $701,000 after acquiring an additional 178 shares during the period. 89.91% of the stock is currently owned by institutional investors.

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.