CCM Investment Group LLC Takes $5.33 Million Position in EOG Resources, Inc. (NYSE:EOG)

Key Points

• CCM Investment Group LLC acquired a new stake in EOG Resources, purchasing 42,137 shares valued at approximately $5.33 million in the first quarter.
• Analysts have mixed ratings on EOG Resources, with price targets ranging from $124.00 to $170.00, indicating a general consensus of "Moderate Buy."
• EOG Resources announced a quarterly dividend increase to $1.02 per share, representing a 3.5% yield, up from the previous dividend of $0.98.

CCM Investment Group LLC bought a new position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 42,137 shares of the energy exploration company's stock, valued at approximately $5,334,000.

Several other institutional investors have also recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new position in shares of EOG Resources during the first quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new stake in EOG Resources in the first quarter worth about $34,000. Ameriflex Group Inc. purchased a new stake in EOG Resources in the fourth quarter worth about $36,000. 10Elms LLP purchased a new position in shares of EOG Resources during the fourth quarter valued at approximately $44,000. Finally, Hanson & Doremus Investment Management purchased a new position in shares of EOG Resources during the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 89.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EOG shares. Barclays raised their price target on shares of EOG Resources from $137.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, June 2nd. Raymond James Financial boosted their price target on shares of EOG Resources from $158.00 to $161.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, July 22nd. Susquehanna boosted their price target on shares of EOG Resources from $156.00 to $170.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. UBS Group reiterated a "buy" rating and set a $142.00 price target (up from $140.00) on shares of EOG Resources in a report on Tuesday. Finally, Bank of America dropped their target price on shares of EOG Resources from $125.00 to $124.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, EOG Resources presently has a consensus rating of "Moderate Buy" and an average target price of $140.71.

Insider Buying and Selling at EOG Resources

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $119.65, for a total transaction of $472,737.15. Following the completion of the transaction, the chief operating officer owned 45,739 shares of the company's stock, valued at approximately $5,472,671.35. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.13% of the company's stock.

EOG Resources Price Performance

Shares of EOG traded up $1.31 during mid-day trading on Wednesday, hitting $119.32. 2,951,150 shares of the company were exchanged, compared to its average volume of 3,653,102. EOG Resources, Inc. has a 1-year low of $102.52 and a 1-year high of $138.18. 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 company has a 50 day moving average of $119.84 and a 200-day moving average of $119.64. The stock has a market cap of $65.15 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 8.93 and a beta of 0.80.

EOG Resources (NYSE:EOG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.18. EOG Resources had a net margin of 25.25% and a return on equity of 20.51%. The company had revenue of $5.48 billion during the quarter, compared to analysts' expectations of $5.45 billion. During the same quarter in the prior year, the company earned $3.16 EPS. EOG Resources's revenue was down 9.1% compared to the same quarter last year. Analysts expect that EOG Resources, Inc. will post 11.47 EPS for the current fiscal year.

EOG Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, October 17th. This is an increase from EOG Resources's previous quarterly dividend of $0.98. EOG Resources's dividend payout ratio is 39.65%.

EOG Resources Profile

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.