Wells Fargo & Company Upgrades EOG Resources (NYSE:EOG) to “Overweight”

EOG Resources (NYSE:EOG) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report released on Tuesday,Briefing.com Automated Import reports. The firm presently has a $150.00 price objective on the energy exploration company’s stock, up from their prior price objective of $147.00. Wells Fargo & Company‘s price target indicates a potential upside of 20.37% from the stock’s current price.

Several other brokerages also recently commented on EOG. Barclays lowered their price target on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Evercore ISI dropped their target price on shares of 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 price target on shares of EOG Resources from $134.00 to $132.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Truist Financial lifted their price objective on EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Finally, StockNews.com downgraded EOG Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 16th. Fourteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, EOG Resources currently has a consensus rating of “Hold” and an average price target of $143.95.

EOG Resources Stock Performance

Shares of NYSE EOG opened at $124.62 on Tuesday. The business’s 50-day simple moving average is $129.04 and its 200-day simple moving average is $126.45. 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 has a 52 week low of $108.94 and a 52 week high of $139.67. The firm has a market cap of $70.09 billion, a price-to-earnings ratio of 10.03, a P/E/G ratio of 3.39 and a beta of 1.29.

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

Insider Buying and Selling at EOG Resources

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the transaction, the director now directly owns 43,532 shares in the company, valued at $5,891,185.56. The trade was a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EOG. Northwest Investment Counselors LLC acquired a new position in EOG Resources in the third quarter worth $26,000. Eastern Bank acquired a new position in EOG Resources during the 3rd quarter worth about $28,000. Capital Performance Advisors LLP bought a new stake in EOG Resources during the 3rd quarter worth about $31,000. HM Payson & Co. increased its position in EOG Resources by 203.7% in the 3rd quarter. HM Payson & Co. now owns 328 shares of the energy exploration company’s stock valued at $40,000 after acquiring an additional 220 shares in the last quarter. Finally, Matrix Trust Co bought a new position in shares of EOG Resources in the third quarter worth about $43,000. 89.91% of the stock is owned by institutional investors and hedge funds.

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.