EOG Resources, Inc. (NYSE:EOG – Get Rating) – Research analysts at Zacks Research reduced their FY2022 earnings estimates for shares of EOG Resources in a research note issued to investors on Wednesday, November 16th. Zacks Research analyst N. Banerjee now expects that the energy exploration company will post earnings per share of $13.94 for the year, down from their prior forecast of $15.65. The consensus estimate for EOG Resources’ current full-year earnings is $14.21 per share. Zacks Research also issued estimates for EOG Resources’ Q4 2022 earnings at $3.49 EPS, Q1 2023 earnings at $2.97 EPS, Q2 2023 earnings at $3.09 EPS, Q3 2023 earnings at $3.18 EPS, Q4 2023 earnings at $3.29 EPS, FY2023 earnings at $12.53 EPS, Q1 2024 earnings at $2.30 EPS, Q2 2024 earnings at $4.22 EPS, Q3 2024 earnings at $2.31 EPS and FY2024 earnings at $11.25 EPS.
A number of other research firms have also recently commented on EOG. Royal Bank of Canada lifted their target price on shares of EOG Resources from $155.00 to $158.00 and gave the stock a “sector perform” rating in a research note on Friday, November 11th. JPMorgan Chase & Co. upgraded shares of EOG Resources from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $152.00 to $156.00 in a research note on Thursday, September 15th. MKM Partners boosted their price target on shares of EOG Resources from $122.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Credit Suisse Group upped their target price on shares of EOG Resources from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, November 4th. Finally, Piper Sandler upped their price objective on shares of EOG Resources from $165.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, EOG Resources currently has an average rating of “Moderate Buy” and a consensus target price of $156.23.
EOG Resources Trading Down 2.4 %
Hedge Funds Weigh In On EOG Resources
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of EOG Resources by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 53,571,626 shares of the energy exploration company’s stock worth $5,985,558,000 after purchasing an additional 584,133 shares during the last quarter. BlackRock Inc. boosted its stake in shares of EOG Resources by 1.1% in the first quarter. BlackRock Inc. now owns 46,646,390 shares of the energy exploration company’s stock valued at $5,561,649,000 after buying an additional 528,077 shares during the period. State Street Corp boosted its stake in shares of EOG Resources by 1.4% in the first quarter. State Street Corp now owns 36,748,452 shares of the energy exploration company’s stock valued at $4,381,518,000 after buying an additional 502,626 shares during the period. JPMorgan Chase & Co. lifted its stake in EOG Resources by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 21,417,102 shares of the energy exploration company’s stock worth $2,553,563,000 after purchasing an additional 491,880 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of EOG Resources by 22.8% during the second quarter. FMR LLC now owns 18,286,986 shares of the energy exploration company’s stock worth $2,019,614,000 after buying an additional 3,399,315 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.
In related news, COO Lloyd W. Helms, Jr. sold 2,720 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $146.08, for a total transaction of $397,337.60. Following the transaction, the chief operating officer now directly owns 156,368 shares of the company’s stock, valued at $22,842,237.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Lloyd W. Helms, Jr. sold 2,720 shares of the stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $146.08, for a total transaction of $397,337.60. Following the transaction, the chief operating officer now owns 156,368 shares of the company’s stock, valued at approximately $22,842,237.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth W. Boedeker sold 1,995 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $145.09, for a total value of $289,454.55. Following the sale, the executive vice president now owns 20,978 shares of the company’s stock, valued at approximately $3,043,698.02. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
EOG Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Tuesday, January 17th will be issued a $0.825 dividend. This is a positive change from EOG Resources’s previous quarterly dividend of $0.75. The ex-dividend date is Friday, January 13th. This represents a $3.30 annualized dividend and a dividend yield of 2.34%. EOG Resources’s dividend payout ratio is 23.57%.
About EOG Resources
EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago. As of December 31, 2021, it had total estimated net proved reserves of 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of natural gas liquid reserves; and 8,222 billion cubic feet of natural gas reserves.
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