EOG Resources (NYSE:EOG) Given New $138.00 Price Target at Wolfe Research

Key Points

• Wolfe Research has lowered its price target for EOG Resources from $139.00 to $138.00, maintaining an "outperform" rating, suggesting a potential upside of 23.07% based on the stock's previous close.
• EOG Resources saw a quarterly earnings report that exceeded analysts' expectations, with $2.32 EPS against an expected $2.14 EPS, despite a 9.1% year-over-year revenue decline.
• Institutional investors hold approximately 89.91% of EOG Resources' shares, indicating strong confidence in the company's long-term potential.

EOG Resources (NYSE:EOG - Get Free Report) had its price target cut by research analysts at Wolfe Research from $139.00 to $138.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm currently has an "outperform" rating on the energy exploration company's stock. Wolfe Research's target price suggests a potential upside of 23.07% from the stock's previous close.

EOG has been the subject of a number of other reports. Melius Research started coverage on EOG Resources in a report on Wednesday, August 20th. They issued a "buy" rating and a $173.00 price target for the company. Mizuho reduced their target price on EOG Resources from $140.00 to $133.00 and set a "neutral" rating on the stock in a report on Monday, September 15th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $148.00 price objective (up from $144.00) on shares of EOG Resources in a research report on Friday, June 13th. JPMorgan Chase & Co. reduced their price objective on EOG Resources from $132.00 to $131.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, KeyCorp cut their price target on EOG Resources from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $143.14.

EOG Resources Price Performance

EOG Resources stock opened at $112.13 on Wednesday. EOG Resources has a 52 week low of $102.52 and a 52 week high of $138.18. The stock has a fifty day moving average of $118.79 and a 200-day moving average of $117.44. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.61 and a current ratio of 1.79. The stock has a market capitalization of $61.22 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 8.61 and a beta of 0.74.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of EOG Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 53,981,854 shares of the energy exploration company's stock valued at $6,922,633,000 after purchasing an additional 348,895 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in EOG Resources by 6.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 19,380,866 shares of the energy exploration company's stock valued at $2,485,402,000 after acquiring an additional 1,188,552 shares in the last quarter. Alliancebernstein L.P. raised its holdings in EOG Resources by 4.2% in the second quarter. Alliancebernstein L.P. now owns 6,159,281 shares of the energy exploration company's stock valued at $736,712,000 after acquiring an additional 249,984 shares in the last quarter. Northern Trust Corp raised its holdings in shares of EOG Resources by 6.3% during the first quarter. Northern Trust Corp now owns 6,077,928 shares of the energy exploration company's stock worth $779,433,000 after purchasing an additional 358,916 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of EOG Resources by 1.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,530,260 shares of the energy exploration company's stock worth $709,201,000 after acquiring an additional 60,454 shares during the last quarter. 89.91% of the stock is owned by hedge funds and other institutional investors.

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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