17,305 EOG Resources, Inc. $EOG Shares Sold by Confluence Investment Management LLC

Key Points

• Confluence Investment Management reduced its EOG Resources stake by 11.2%, selling 17,305 shares and retaining 137,056 shares valued at approximately $18.9 million. Institutional investors collectively own nearly 90% of EOG’s stock.
• EOG shares recently traded at $141.10, up 2.4%. The company beat quarterly earnings and revenue expectations, reporting $5.07 in earnings per share on $8.62 billion in revenue, with revenue rising 57.4% year over year.
• EOG declared a quarterly dividend of $1.02 per share, representing a $4.08 annualized payout and a 2.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $158.11.

Confluence Investment Management LLC trimmed its position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 11.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,056 shares of the energy exploration company's stock after selling 17,305 shares during the period. Confluence Investment Management LLC's holdings in EOG Resources were worth $18,881,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EOG. QRG Capital Management Inc. raised its stake in EOG Resources by 5.9% during the 2nd quarter. QRG Capital Management Inc. now owns 95,517 shares of the energy exploration company's stock valued at $12,391,000 after purchasing an additional 5,327 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in EOG Resources by 1.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 14,888 shares of the energy exploration company's stock valued at $1,931,000 after buying an additional 185 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of EOG Resources by 14.8% during the second quarter. Sequoia Financial Advisors LLC now owns 26,193 shares of the energy exploration company's stock valued at $3,398,000 after buying an additional 3,373 shares during the last quarter. National Pension Service raised its position in shares of EOG Resources by 0.5% during the second quarter. National Pension Service now owns 1,956,669 shares of the energy exploration company's stock valued at $253,839,000 after buying an additional 9,738 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of EOG Resources in the second quarter worth $587,000. Hedge funds and other institutional investors own 89.91% of the company's stock.

EOG Resources Trading Up 2.4%

Shares of NYSE EOG traded up $3.34 during trading hours on Thursday, hitting $141.10. 1,046,906 shares of the company traded hands, compared to its average volume of 4,106,127. The stock has a market capitalization of $74.01 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 0.52 and a beta of 0.26. The company's 50 day moving average price is $144.50 and its 200 day moving average price is $139.60. EOG Resources, Inc. has a 12 month low of $101.59 and a 12 month high of $154.16. The company has a current ratio of 1.85, a quick ratio of 1.68 and a debt-to-equity ratio of 0.25.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy exploration company reported $5.07 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.10. EOG Resources had a net margin of 25.44% and a return on equity of 23.44%. The business had revenue of $8.62 billion for the quarter, compared to analysts' expectations of $8.04 billion. During the same quarter in the previous year, the business posted $2.32 earnings per share. The business's revenue was up 57.4% compared to the same quarter last year. On average, equities research analysts anticipate that EOG Resources, Inc. will post 16.85 earnings per share for the current fiscal year.

EOG Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be issued a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, October 16th. EOG Resources's dividend payout ratio is presently 31.75%.

Analyst Ratings Changes

EOG has been the topic of a number of research analyst reports. Weiss Ratings upgraded EOG Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, September 8th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $151.00 price objective (up from $127.00) on shares of EOG Resources in a research note on Monday, August 24th. Roth Capital reaffirmed a "neutral" rating and set a $138.00 price objective on shares of EOG Resources in a report on Wednesday, August 5th. JPMorgan Chase & Co. lowered their target price on EOG Resources from $148.00 to $142.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Finally, Citigroup restated a "neutral" rating and issued a $150.00 price target (up from $141.00) on shares of EOG Resources in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eighteen have issued a Hold rating to the stock. According to MarketBeat.com, EOG Resources has an average rating of "Hold" and a consensus price target of $158.11.

Insider Buying and Selling

In related news, EVP Michael Donaldson sold 7,336 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $148.00, for a total value of $1,085,728.00. Following the sale, the executive vice president directly owned 100,558 shares of the company's stock, valued at $14,882,584. This represents a 6.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jeffrey Leitzell sold 9,039 shares of the firm's stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $140.61, for a total value of $1,270,973.79. Following the sale, the chief operating officer directly owned 90,790 shares of the company's stock, valued at $12,765,981.90. This represents a 9.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 52,317 shares of company stock valued at $7,823,480 in the last ninety days. 0.14% of the stock is owned by company insiders.

About EOG Resources

EOG Resources, Inc is an independent exploration and production company engaged in finding, developing, producing and marketing crude oil, natural gas liquids and natural gas. The company focuses on large-scale, onshore assets and applies drilling, completion and other technologies to develop unconventional oil and natural gas resources.

EOG's principal operations are located in the United States, including the Permian Basin in Texas and New Mexico, the Eagle Ford in South Texas and the Rocky Mountain region.

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