UBS Group Forecasts Strong Price Appreciation for EOG Resources (NYSE:EOG) Stock

Key Points

• UBS raised its price target on EOG Resources to $190 from $186 and reiterated a “buy” rating, implying 28.18% upside from the stock’s then-current price.
• Analyst opinion overall was more cautious: the consensus rating was “Hold,” with a $161.96 average price target; 17 analysts rated the stock Hold, nine Buy, and two Strong Buy.
• EOG beat quarterly expectations, reporting earnings of $4.87 per share versus a $4.45 estimate and revenue of $8.55 billion versus a $7.26 billion estimate. Revenue increased 46.2% year over year.

EOG Resources (NYSE:EOG - Get Free Report) had its target price hoisted by investment analysts at UBS Group from $186.00 to $190.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the energy exploration company's stock. UBS Group's target price would indicate a potential upside of 28.18% from the company's current price.

Several other research analysts also recently commented on the stock. Truist Financial set a $166.00 target price on shares of EOG Resources and gave the stock a "hold" rating in a research note on Friday. Seaport Research Partners assumed coverage on shares of EOG Resources in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Stifel Nicolaus initiated coverage on EOG Resources in a research note on Thursday, September 10th. They issued a "hold" rating and a $158.00 target price for the company. Roth Capital reissued a "neutral" rating and set a $138.00 price target on shares of EOG Resources in a research report on Wednesday, August 5th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $186.00 target price (up from $183.00) on shares of EOG Resources in a report on Thursday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and seventeen have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $161.96.

EOG Resources Price Performance

Shares of EOG traded up $1.10 during mid-day trading on Monday, reaching $148.23. 5,730,903 shares of the stock traded hands, compared to its average volume of 3,972,604. The company has a market cap of $77.75 billion, a price-to-earnings ratio of 9.58, a price-to-earnings-growth ratio of 0.52 and a beta of 0.27. The company has a current ratio of 1.90, a quick ratio of 1.74 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average price of $149.32 and a 200 day moving average price of $137.83. EOG Resources has a 1 year low of $101.59 and a 1 year high of $165.93.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The energy exploration company reported $4.87 EPS for the quarter, topping the consensus estimate of $4.45 by $0.42. EOG Resources had a return on equity of 26.32% and a net margin of 27.54%. The company had revenue of $8.55 billion during the quarter, compared to analyst estimates of $7.26 billion. During the same quarter in the previous year, the firm earned $2.71 earnings per share. EOG Resources's revenue was up 46.2% on a year-over-year basis. As a group, equities research analysts predict that EOG Resources will post 17.72 earnings per share for the current year.

Insider Transactions at EOG Resources

In related news, CEO Ezra Yacob sold 35,942 shares of EOG Resources stock in a transaction on Monday, August 24th. The stock was sold at an average price of $152.10, for a total value of $5,466,778.20. Following the completion of the sale, the chief executive officer owned 242,451 shares of the company's stock, valued at $36,876,797.10. The trade was a 12.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jeffrey Leitzell sold 9,039 shares of the business's stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $140.61, for a total value of $1,270,973.79. Following the sale, the chief operating officer owned 90,790 shares of the company's stock, valued at approximately $12,765,981.90. This represents a 9.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 52,317 shares of company stock worth $7,823,480 in the last ninety days. Insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On EOG Resources

Several large investors have recently added to or reduced their stakes in EOG. BlackRock Inc. acquired a new stake in EOG Resources in the 2nd quarter valued at $5,905,587,000. Bank of New York Mellon Corp purchased a new position in EOG Resources during the second quarter valued at $654,899,000. Bank of America Corp DE purchased a new position in EOG Resources during the second quarter valued at $551,321,000. Deutsche Bank AG acquired a new stake in shares of EOG Resources in the second quarter valued at about $251,102,000. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of EOG Resources by 357.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,971,842 shares of the energy exploration company's stock valued at $271,641,000 after purchasing an additional 1,541,140 shares during the period. Hedge funds and other institutional investors own 89.91% of the company's stock.

About EOG Resources

EOG Resources is an independent energy company focused on exploring for, developing and producing crude oil, natural gas and natural gas liquids. Its operations include drilling and managing wells, with a focus on resources in shale and other tight-rock formations.

The company's activities are concentrated in the United States, including major producing regions such as the Permian Basin and Eagle Ford. EOG also has international operations, including in Trinidad and Tobago and the United Arab Emirates.

Founded in 1985 as Enron Oil & Gas, the company became independent in 1999 and adopted the name EOG Resources.

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