FY2024 EPS Estimates for EOG Resources Reduced by Analyst

EOG Resources, Inc. (NYSE:EOG) – Equities researchers at Scotiabank lowered their FY2024 earnings estimates for shares of EOG Resources in a report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the energy exploration company will earn $11.85 per share for the year, down from their prior forecast of $12.80. Scotiabank has a “Sector Perform” rating and a $140.00 price objective on the stock. The consensus estimate for EOG Resources’ current full-year earnings is $11.47 per share. Scotiabank also issued estimates for EOG Resources’ FY2025 earnings at $11.95 EPS.

A number of other equities research analysts have also issued reports on the company. Piper Sandler reduced their price target on EOG Resources from $149.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 17th. 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 research note on Monday, September 16th. Evercore ISI dropped their price objective on shares of EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Barclays decreased their price objective on shares of EOG Resources from $144.00 to $137.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Truist Financial increased their target price on EOG Resources from $115.00 to $135.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, EOG Resources presently has a consensus rating of “Moderate Buy” and an average target price of $143.71.

EOG Resources Trading Up 2.4 %

NYSE:EOG opened at $131.54 on Monday. EOG Resources has a 12-month low of $108.94 and a 12-month high of $139.67. The firm has a market cap of $73.98 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 3.37 and a beta of 1.29. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $127.97 and a 200 day moving average price of $126.70.

EOG Resources declared that its board has initiated a stock repurchase program on Thursday, November 7th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the energy exploration company to reacquire up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

EOG Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a $0.975 dividend. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, January 17th. EOG Resources’s dividend payout ratio (DPR) is 31.40%.

Insider Activity

In related news, 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 directly owns 43,532 shares of the company’s stock, valued at $5,891,185.56. This represents a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jeffrey R. Leitzell sold 4,000 shares of EOG Resources stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total value 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

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