EOG Resources (NYSE:EOG) Upgraded to Buy at StockNews.com

EOG Resources (NYSE:EOG) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other research analysts also recently commented on the stock. Benchmark reaffirmed a “hold” rating on shares of EOG Resources in a research report on Tuesday, November 12th. Evercore ISI lowered their price target 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. Wells Fargo & Company raised shares of EOG Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $147.00 to $150.00 in a research note on Tuesday. Raymond James lifted their price objective on EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Scotiabank dropped their target price on EOG Resources from $150.00 to $140.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Thirteen investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, EOG Resources currently has a consensus rating of “Hold” and a consensus price target of $143.50.

EOG Resources Stock Up 0.7 %

NYSE:EOG traded up $0.82 during trading hours on Friday, hitting $119.04. 10,023,298 shares of the stock traded hands, compared to its average volume of 3,157,648. The firm has a market cap of $66.95 billion, a price-to-earnings ratio of 9.58, a PEG ratio of 3.39 and a beta of 1.29. The firm has a 50 day moving average price of $128.12 and a 200 day moving average price of $126.33. 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 fifty-two week low of $108.94 and a fifty-two week high of $139.67.

EOG Resources announced that its Board of Directors has authorized a share repurchase 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 repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Janet F. Clark sold 568 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 of the company’s stock, valued at $5,891,185.56. The trade was a 1.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

A number of hedge funds have recently added to or reduced their stakes in EOG. Quotient Wealth Partners LLC raised its position in shares of EOG Resources by 5.2% during the second quarter. Quotient Wealth Partners LLC now owns 1,868 shares of the energy exploration company’s stock worth $235,000 after acquiring an additional 92 shares during the last quarter. LRI Investments LLC lifted its position in EOG Resources by 4,143.5% during the 2nd quarter. LRI Investments LLC now owns 976 shares of the energy exploration company’s stock valued at $123,000 after purchasing an additional 953 shares during the period. Capital Insight Partners LLC boosted its stake in shares of EOG Resources by 2.6% in the 2nd quarter. Capital Insight Partners LLC now owns 4,219 shares of the energy exploration company’s stock valued at $531,000 after purchasing an additional 105 shares during the last quarter. Tributary Capital Management LLC grew its position in shares of EOG Resources by 12.1% during the 2nd quarter. Tributary Capital Management LLC now owns 3,696 shares of the energy exploration company’s stock worth $465,000 after buying an additional 400 shares during the period. Finally, Clear Creek Financial Management LLC raised its stake in shares of EOG Resources by 3.9% during the second quarter. Clear Creek Financial Management LLC now owns 6,226 shares of the energy exploration company’s stock worth $784,000 after buying an additional 235 shares during the last quarter. Institutional investors own 89.91% of the company’s stock.

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.