EOG Resources (NYSE:EOG) Stock Rating Upgraded by StockNews.com

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

EOG has been the topic of several other reports. Benchmark reissued a “hold” rating on shares of EOG Resources in a research report on Tuesday, November 12th. Barclays dropped their price objective on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. UBS Group reduced their price target on EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Mizuho decreased their price target on shares of EOG Resources from $156.00 to $148.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, Piper Sandler cut their target price on shares of EOG Resources from $149.00 to $140.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Thirteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, EOG Resources has an average rating of “Hold” and an average price target of $143.50.

EOG Resources Price Performance

Shares of NYSE:EOG opened at $119.04 on Friday. The firm has a market capitalization of $66.95 billion, a P/E ratio of 9.58, a PEG ratio of 3.39 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. EOG Resources has a 52 week low of $108.94 and a 52 week high of $139.67. The firm’s 50 day moving average is $128.12 and its two-hundred day moving average is $126.38.

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

Insider Buying and Selling

In related news, Director Janet F. Clark sold 568 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 43,532 shares in the company, valued at approximately $5,891,185.56. The trade was a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Franklin Resources Inc. increased its position in shares of EOG Resources by 64.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock valued at $694,717,000 after purchasing an additional 2,076,134 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of EOG Resources by 856.7% in the 3rd quarter. Fisher Asset Management LLC now owns 1,200,851 shares of the energy exploration company’s stock worth $147,621,000 after buying an additional 1,075,334 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in EOG Resources in the second quarter valued at about $106,990,000. Legal & General Group Plc lifted its stake in shares of EOG Resources by 9.1% during the second quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock worth $609,300,000 after buying an additional 403,676 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of EOG Resources by 237.9% in the second quarter. National Bank of Canada FI now owns 487,920 shares of the energy exploration company’s stock valued at $61,741,000 after purchasing an additional 343,527 shares during the period. Hedge funds and other 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.