State of Michigan Retirement System Sells 2,200 Shares of EOG Resources, Inc. (NYSE:EOG)

State of Michigan Retirement System lowered its holdings in EOG Resources, Inc. (NYSE:EOG) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 152,652 shares of the energy exploration company’s stock after selling 2,200 shares during the period. State of Michigan Retirement System’s holdings in EOG Resources were worth $18,712,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in EOG. Financial Life Planners acquired a new stake in EOG Resources during the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd lifted its position in shares of EOG Resources by 149.4% during the 4th quarter. Y.D. More Investments Ltd now owns 202 shares of the energy exploration company’s stock valued at $25,000 after acquiring an additional 121 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of EOG Resources in the fourth quarter worth $27,000. Keystone Financial Group Inc. acquired a new position in EOG Resources in the fourth quarter valued at about $27,000. Finally, Capital Performance Advisors LLP bought a new stake in EOG Resources during the third quarter worth about $31,000. Institutional investors and hedge funds own 89.91% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Raymond James raised their target price on shares of EOG Resources from $167.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Truist Financial lifted their price objective on shares of EOG Resources from $135.00 to $137.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Piper Sandler upped their target price on EOG Resources from $140.00 to $141.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Morgan Stanley decreased their price target on EOG Resources from $143.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Barclays dropped their price objective on EOG Resources from $148.00 to $146.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Twelve analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $146.10.

EOG Resources Stock Performance

Shares of EOG Resources stock opened at $122.21 on Wednesday. The stock has a market cap of $68.74 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 3.58 and a beta of 1.27. EOG Resources, Inc. has a twelve month low of $115.40 and a twelve month high of $139.67. The company’s fifty day moving average is $129.34 and its 200 day moving average is $127.80. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13.

EOG Resources (NYSE:EOG) last released its quarterly earnings results on Friday, February 28th. The energy exploration company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.19. The firm had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.96 billion. EOG Resources had a return on equity of 23.77% and a net margin of 29.18%. Sell-side analysts forecast that EOG Resources, Inc. will post 11.47 EPS for the current year.

EOG Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be given a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Wednesday, April 16th. EOG Resources’s dividend payout ratio is presently 34.73%.

EOG Resources declared that its board has authorized a stock buyback 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 purchase up to 7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 4,000 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total transaction of $483,560.00. Following the completion of the sale, the chief operating officer now directly owns 42,703 shares in the company, valued at $5,162,365.67. This represents a 8.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.30% 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.