Bank of America Corp DE Acquires New Shares in EOG Resources, Inc. $EOG

Key Points

• Bank of America acquired 4.25 million EOG Resources shares worth approximately $551.3 million, giving it a 0.81% stake. Institutional investors and hedge funds collectively own 89.91% of EOG.
• EOG reported stronger-than-expected quarterly results, with earnings of $5.07 per share and revenue of $8.62 billion, up 57.4% year over year. The company also declared a quarterly dividend of $1.02, or $4.08 annually, yielding about 2.7%.
• EOG shares opened at $153.87 near their 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $158.00. Company insiders recently sold shares, and insiders own just 0.14% of the stock.

Bank of America Corp DE bought a new position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,249,758 shares of the energy exploration company's stock, valued at approximately $551,321,000. Bank of America Corp DE owned 0.81% of EOG Resources at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of EOG. Odyssean LLC purchased a new stake in shares of EOG Resources during the 2nd quarter worth $1,147,000. First Bancorp Inc ME purchased a new position in shares of EOG Resources during the second quarter worth approximately $39,000. Polar Asset Management Partners Inc. acquired a new position in EOG Resources in the second quarter valued at $232,000. Jupiter Topco LLC acquired a new position in EOG Resources in the 2nd quarter valued at about $138,987,000. Finally, Wedbush Fund Advisers LLC purchased a new stake in shares of EOG Resources during the second quarter worth approximately $31,000. 89.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EOG Resources

In related news, CEO Ezra Yacob sold 35,942 shares of EOG Resources stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $152.10, for a total transaction of $5,466,778.20. Following the transaction, the chief executive officer directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Donaldson sold 7,336 shares of the company's stock in a transaction on 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 completion of the transaction, the executive vice president directly owned 100,558 shares in the company, valued at $14,882,584. This represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is currently owned by company insiders.

EOG Resources Price Performance

Shares of EOG stock opened at $153.87 on Wednesday. The firm has a market cap of $80.71 billion, a P/E ratio of 11.97, a P/E/G ratio of 0.55 and a beta of 0.26. EOG Resources, Inc. has a 1-year low of $101.59 and a 1-year high of $154.16. The firm has a fifty day moving average of $143.86 and a two-hundred day moving average of $138.60. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.85 and a quick ratio of 1.68.

EOG Resources (NYSE:EOG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.10. The company had revenue of $8.62 billion for the quarter, compared to analysts' expectations of $8.04 billion. EOG Resources had a net margin of 25.44% and a return on equity of 23.44%. The firm's revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.32 earnings per share. As a group, research analysts anticipate that EOG Resources, Inc. will post 16.75 earnings per share for the current fiscal year.

EOG Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be issued a $1.02 dividend. The ex-dividend date is Friday, October 16th. This represents a $4.08 annualized dividend and a dividend yield of 2.7%. EOG Resources's dividend payout ratio (DPR) is 31.75%.

Analyst Upgrades and Downgrades

EOG has been the subject of several recent analyst reports. Citigroup reissued a "neutral" rating and issued a $150.00 price target (up from $141.00) on shares of EOG Resources in a report on Thursday, August 27th. Susquehanna restated a "positive" rating and set a $170.00 target price (up from $166.00) on shares of EOG Resources in a research report on Tuesday, July 21st. Weiss Ratings upgraded EOG Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, September 8th. Freedom Capital lowered shares of EOG Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 5th. Finally, Seaport Research Partners began coverage on EOG Resources in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eighteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, EOG Resources currently has a consensus rating of "Hold" and an average price target of $158.00.

EOG Resources Company Profile

EOG Resources, Inc is an independent exploration and production company focused on finding, developing and producing crude oil, natural gas and natural gas liquids. Its operations are concentrated primarily in the United States, with a portfolio of onshore assets in several major producing regions.

The company's principal U.S. positions include the Delaware Basin and other areas of the Permian Basin, the Eagle Ford and Dorado plays in South Texas, and the Rocky Mountain region. EOG also has international operations in Trinidad and Tobago, where it produces natural gas and supports related energy development.

EOG traces its history to Enron Oil & Gas Company, which was established in 1990.

Want to see what other hedge funds are holding EOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EOG Resources, Inc. (NYSE:EOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.