EOG Resources (NYSE:EOG) Cut to "Hold" at Argus

Key Points

• EOG Resources has been downgraded by Argus from a "buy" rating to a "hold" rating, indicating a more cautious outlook for the stock.
• The current consensus rating for EOG Resources is a "Moderate Buy," with an average target price of $143.61, while multiple analysts have varying price objectives for the stock.
• The company reported quarterly earnings of $2.32 per share, exceeding the consensus estimate by $0.18, despite a year-over-year revenue decline of 9.1% to $5.48 billion.

EOG Resources (NYSE:EOG - Get Free Report) was downgraded by stock analysts at Argus from a "buy" rating to a "hold" rating in a report released on Monday, MarketBeat Ratings reports.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group restated a "buy" rating and issued a $148.00 price objective (up previously from $144.00) on shares of EOG Resources in a research note on Friday, June 13th. Susquehanna upped their price objective on EOG Resources from $156.00 to $170.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company restated an "overweight" rating on shares of EOG Resources in a research note on Sunday, June 22nd. Roth Capital downgraded EOG Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $140.00 to $134.00 in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada reduced their price objective on EOG Resources from $145.00 to $140.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.61.

EOG Resources Trading Up 2.0%

Shares of EOG Resources stock opened at $120.9050 on Monday. The stock has a fifty day simple moving average of $120.18 and a 200 day simple moving average of $119.04. EOG Resources has a 12-month low of $102.52 and a 12-month high of $138.18. The company has a market capitalization of $66.01 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 9.25 and a beta of 0.80. The company has a current ratio of 1.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12.

EOG Resources (NYSE:EOG - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.18. EOG Resources had a return on equity of 20.51% and a net margin of 25.25%.The business had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the prior year, the company posted $3.16 earnings per share. EOG Resources's revenue was down 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that EOG Resources will post 11.47 earnings per share for the current fiscal year.

Insider Transactions at EOG Resources

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $119.65, for a total transaction of $472,737.15. Following the sale, the chief operating officer owned 45,739 shares of the company's stock, valued at approximately $5,472,671.35. This represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.13% of the company's stock.

Institutional Trading of EOG Resources

A number of institutional investors have recently added to or reduced their stakes in EOG. Bank Pictet & Cie Europe AG lifted its holdings in EOG Resources by 56.3% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 248,399 shares of the energy exploration company's stock worth $30,449,000 after purchasing an additional 89,521 shares in the last quarter. MGO One Seven LLC raised its holdings in shares of EOG Resources by 31.1% in the 4th quarter. MGO One Seven LLC now owns 4,960 shares of the energy exploration company's stock valued at $608,000 after acquiring an additional 1,178 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of EOG Resources by 24.2% in the 4th quarter. Integrated Wealth Concepts LLC now owns 5,585 shares of the energy exploration company's stock valued at $685,000 after acquiring an additional 1,090 shares in the last quarter. Hancock Whitney Corp raised its holdings in shares of EOG Resources by 5.7% in the 4th quarter. Hancock Whitney Corp now owns 1,719 shares of the energy exploration company's stock valued at $211,000 after acquiring an additional 92 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new stake in shares of EOG Resources in the 4th quarter valued at about $776,000. 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.

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