Canada Pension Plan Investment Board Acquires 679,913 Shares of EOG Resources, Inc. $EOG

Key Points

• Canada Pension Plan Investment Board increased its EOG Resources stake by 154.5%, acquiring 679,913 additional shares and bringing its holdings to 1.12 million shares valued at approximately $145.3 million.
• EOG reported a quarterly earnings beat, with $5.07 in EPS and $8.62 billion in revenue; revenue rose 57.4% year over year. The company also declared a quarterly dividend of $1.02 per share, yielding about 2.8% annually.
• Despite generally positive analyst views, EOG carries a consensus “Hold” rating with a $156 price target. Shares recently traded at $144.95, while CEO Ezra Y. Yacob sold roughly $5.47 million worth of stock.

Canada Pension Plan Investment Board raised its holdings in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 154.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,119,935 shares of the energy exploration company's stock after acquiring an additional 679,913 shares during the quarter. Canada Pension Plan Investment Board owned about 0.21% of EOG Resources worth $145,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of EOG Resources in the second quarter worth $5,905,587,000. Bank of New York Mellon Corp bought a new stake in shares of EOG Resources during the 2nd quarter valued at $654,899,000. Deutsche Bank AG bought a new stake in shares of EOG Resources during the 2nd quarter valued at $251,102,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in EOG Resources during the 2nd quarter worth about $168,029,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in EOG Resources by 898.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,420,839 shares of the energy exploration company's stock worth $205,411,000 after purchasing an additional 1,278,555 shares during the period. Hedge funds and other institutional investors own 89.91% of the company's stock.

EOG Resources Trading Down 1.3%

Shares of EOG stock opened at $144.95 on Thursday. 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, Inc. has a 1-year low of $101.59 and a 1-year high of $153.67. The stock has a market capitalization of $76.03 billion, a PE ratio of 11.28, a P/E/G ratio of 0.54 and a beta of 0.25. The business has a 50-day moving average of $139.64 and a 200 day moving average of $135.92.

EOG Resources (NYSE:EOG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.97 by $0.10. The company had revenue of $8.62 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 57.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.32 earnings per share. As a group, sell-side analysts anticipate that EOG Resources, Inc. will post 16.87 earnings per share for the current year.

EOG Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be given 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 is Friday, October 16th. EOG Resources's dividend payout ratio (DPR) is currently 31.75%.

Insiders Place Their Bets

In related news, CEO Ezra Y. Yacob sold 35,942 shares of EOG Resources stock in a transaction on Monday, August 24th. The shares were sold at an average price of $152.10, for a total value of $5,466,778.20. Following the sale, the chief executive officer owned 242,451 shares in the company, 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 SEC, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EOG. Mizuho set a $157.00 target price on EOG Resources and gave the company a "neutral" rating in a report on Wednesday, May 27th. Jefferies Financial Group reissued a "buy" rating and issued a $175.00 price target (up from $170.00) on shares of EOG Resources in a report on Thursday, July 2nd. Weiss Ratings restated a "buy (b-)" rating on shares of EOG Resources in a research report on Friday, August 7th. Barclays set a $147.00 target price on shares of EOG Resources and gave the stock an "equal weight" rating in a report on Monday, August 17th. Finally, Stephens dropped their price objective on EOG Resources from $170.00 to $167.00 in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seventeen have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $156.00.

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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