Zacks Research Weighs in on EOG Resources FY2024 Earnings

EOG Resources, Inc. (NYSE:EOG) – Stock analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of EOG Resources in a research note issued to investors on Thursday, February 13th. Zacks Research analyst R. Department now expects that the energy exploration company will post earnings per share of $11.29 for the year, up from their prior forecast of $11.23. The consensus estimate for EOG Resources’ current full-year earnings is $11.46 per share. Zacks Research also issued estimates for EOG Resources’ Q4 2024 earnings at $2.42 EPS, Q1 2025 earnings at $2.81 EPS, Q2 2025 earnings at $2.76 EPS, Q3 2025 earnings at $2.88 EPS and FY2025 earnings at $11.42 EPS.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company upgraded EOG Resources from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $147.00 to $150.00 in a report on Tuesday, December 17th. Raymond James raised their target price on EOG Resources from $167.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Citigroup raised their target price on EOG Resources from $127.00 to $134.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Wolfe Research upgraded EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 target price on the stock in a report on Friday, January 3rd. Finally, Piper Sandler raised their price objective on EOG Resources from $140.00 to $141.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.14.

EOG Resources Stock Performance

EOG Resources stock opened at $129.40 on Monday. The company has a market cap of $72.78 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 3.36 and a beta of 1.27. 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 has a 12 month low of $109.06 and a 12 month high of $139.67. The stock’s 50-day moving average is $127.79 and its 200-day moving average is $127.43.

Institutional Trading of EOG Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Insight Inv LLC grew its holdings in shares of EOG Resources by 0.8% in the 3rd quarter. Insight Inv LLC now owns 9,385 shares of the energy exploration company’s stock worth $1,154,000 after acquiring an additional 75 shares during the last quarter. Essex Financial Services Inc. grew its holdings in shares of EOG Resources by 1.3% during the fourth quarter. Essex Financial Services Inc. now owns 6,145 shares of the energy exploration company’s stock valued at $753,000 after buying an additional 79 shares in the last quarter. Valmark Advisers Inc. grew its holdings in shares of EOG Resources by 2.6% during the fourth quarter. Valmark Advisers Inc. now owns 3,140 shares of the energy exploration company’s stock valued at $385,000 after buying an additional 79 shares in the last quarter. Deseret Mutual Benefit Administrators grew its holdings in shares of EOG Resources by 8.8% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 989 shares of the energy exploration company’s stock valued at $121,000 after buying an additional 80 shares in the last quarter. Finally, 1ST Source Bank grew its holdings in shares of EOG Resources by 1.5% during the fourth quarter. 1ST Source Bank now owns 5,349 shares of the energy exploration company’s stock valued at $656,000 after buying an additional 80 shares in the last quarter. Institutional investors own 89.91% of the company’s stock.

Insider Buying and Selling

In other EOG Resources news, Director Janet F. Clark sold 568 shares of EOG Resources stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total transaction of $76,867.44. Following the sale, the director now 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 at this hyperlink. Also, COO Jeffrey R. Leitzell sold 4,000 shares of EOG Resources stock in a transaction 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 sale, the chief operating officer now directly owns 42,703 shares in the company, valued at $5,162,365.67. The trade was a 8.56 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

EOG Resources declared that its Board of Directors has approved a share repurchase plan on Thursday, November 7th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the energy exploration company to reacquire up to 7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.