BlackRock Inc. Acquires Shares of 45,522,136 EOG Resources, Inc. $EOG

Key Points

• BlackRock acquired 45.5 million shares of EOG Resources in the second quarter, worth approximately $5.91 billion and representing an 8.68% stake. Institutional investors collectively own about 89.91% of the company.
• EOG reported quarterly earnings of $5.07 per share, exceeding estimates of $4.97, while revenue rose 57.4% year over year to $8.62 billion. Analysts maintain a consensus “Hold” rating with an average price target of $156.
• EOG declared a quarterly dividend of $1.02 per share, equivalent to $4.08 annually and a 2.8% yield, payable October 30 to shareholders of record October 16.

BlackRock Inc. bought a new position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 45,522,136 shares of the energy exploration company's stock, valued at approximately $5,905,587,000. BlackRock Inc. owned about 8.68% of EOG Resources at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in shares of EOG Resources during the 2nd quarter worth $654,899,000. Deutsche Bank AG acquired a new stake in EOG Resources in the second quarter valued at about $251,102,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in EOG Resources in the second quarter valued at about $168,029,000. Arrowstreet Capital Limited Partnership grew its position in EOG Resources by 898.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,420,839 shares of the energy exploration company's stock valued at $205,411,000 after acquiring an additional 1,278,555 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in EOG Resources by 24.2% during the fourth quarter. Franklin Resources Inc. now owns 6,443,453 shares of the energy exploration company's stock worth $676,627,000 after acquiring an additional 1,257,110 shares in the last quarter. Institutional investors and hedge funds own 89.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EOG. Jefferies Financial Group reaffirmed a "buy" rating and issued a $175.00 price objective (up from $170.00) on shares of EOG Resources in a research note on Thursday, July 2nd. Truist Financial boosted their target price on shares of EOG Resources from $134.00 to $153.00 and gave the stock a "hold" rating in a report on Thursday, August 6th. Capital One Financial reduced their target price on shares of EOG Resources from $161.00 to $159.00 and set an "overweight" rating on the stock in a report on Wednesday, June 3rd. Citigroup decreased their price target on shares of EOG Resources from $147.00 to $141.00 and set a "neutral" rating for the company in a research report on Wednesday, July 8th. Finally, Barclays set a $147.00 price target on shares of EOG Resources and gave the company an "equal weight" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seventeen have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $156.00.

EOG Resources Price Performance

EOG Resources stock opened at $145.95 on Tuesday. The stock's 50 day moving average is $137.69 and its 200 day moving average is $134.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.85 and a quick ratio of 1.68. The firm has a market cap of $76.56 billion, a P/E ratio of 11.36 and a beta of 0.25. EOG Resources, Inc. has a one year low of $101.59 and a one year high of $151.87.

EOG Resources (NYSE:EOG - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 EPS for the quarter, beating the consensus estimate of $4.97 by $0.10. The business had revenue of $8.62 billion for the quarter, compared to analysts' expectations of $8.04 billion. EOG Resources had a return on equity of 23.44% and a net margin of 25.44%.The firm's revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.32 earnings per share. As a group, research analysts expect that EOG Resources, Inc. will post 16.43 EPS for the current year.

EOG Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, October 16th. EOG Resources's dividend payout ratio is currently 31.75%.

EOG Resources Company Profile

EOG Resources, Inc NYSE: EOG is an independent exploration and production company headquartered in Houston, Texas. Tracing its corporate origins to Enron Oil & Gas Company in the late 1990s, the company established itself as a stand‑alone E&P operator and has grown into one of the largest U.S. upstream producers. EOG focuses on the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids (NGLs).

As an upstream-focused company, EOG's core activities include geologic and geophysical exploration, drilling and completion of wells, reservoir development, and the marketing of hydrocarbon production.

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