Piper Sandler Downgrades EOG Resources (NYSE:EOG) to Neutral

EOG Resources (NYSE:EOG) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They currently have a $149.00 target price on the energy exploration company’s stock, up from their previous target price of $147.00. Piper Sandler’s price target points to a potential upside of 10.22% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on EOG. Barclays dropped 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 note on Thursday, October 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $145.00 target price on shares of EOG Resources in a research note on Monday, October 14th. Wells Fargo & Company lowered their target price on shares of EOG Resources from $140.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Scotiabank lowered their target price on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Finally, KeyCorp lowered their target price on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Fifteen 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $142.30.

EOG Resources Stock Performance

Shares of EOG Resources stock opened at $135.19 on Monday. The stock has a market cap of $76.04 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 3.57 and a beta of 1.28. The firm’s 50-day moving average is $126.90 and its 200 day moving average is $126.03. EOG Resources has a 1 year low of $108.94 and a 1 year high of $139.67. 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 announced that its board has approved a share repurchase program on Thursday, November 7th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the energy exploration company to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Michael P. Donaldson sold 11,037 shares of EOG Resources stock in a transaction that occurred 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 sale, the executive vice president now owns 74,250 shares in the company, valued at $9,615,375. This trade represents a 12.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwest Investment Counselors LLC purchased a new position in shares of EOG Resources in the third quarter valued at $26,000. Riverview Trust Co purchased a new position in shares of EOG Resources in the second quarter valued at $27,000. MFA Wealth Advisors LLC purchased a new position in shares of EOG Resources in the second quarter valued at $28,000. Eastern Bank purchased a new position in shares of EOG Resources in the third quarter valued at $28,000. Finally, Gladius Capital Management LP purchased a new position in shares of EOG Resources in the second quarter valued at $30,000. 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.