Confluence Investment Management LLC Sells 11,314 Shares of EOG Resources, Inc. $EOG

Key Points

• Confluence Investment Management reduced its EOG Resources stake by 6.8%, selling 11,314 shares and retaining 154,361 shares valued at approximately $20.0 million. Institutional investors collectively own 89.91% of EOG.
• EOG reported quarterly earnings of $3.41 per share, beating estimates of $3.23, while revenue rose 22.1% year over year to $6.92 billion. Analysts expect full-year earnings of $16.16 per share.
• EOG shares opened at $145.69, near their 12-month high, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $155.57.

Confluence Investment Management LLC reduced its holdings in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,361 shares of the energy exploration company's stock after selling 11,314 shares during the period. Confluence Investment Management LLC's holdings in EOG Resources were worth $20,025,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sivia Capital Partners LLC purchased a new stake in shares of EOG Resources in the 2nd quarter worth approximately $258,000. Quantbot Technologies LP purchased a new position in EOG Resources during the second quarter valued at $349,000. Gamco Investors INC. ET AL boosted its holdings in EOG Resources by 216.1% in the second quarter. Gamco Investors INC. ET AL now owns 6,560 shares of the energy exploration company's stock worth $785,000 after acquiring an additional 4,485 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in EOG Resources by 2.0% in the second quarter. NewEdge Advisors LLC now owns 22,780 shares of the energy exploration company's stock worth $2,725,000 after acquiring an additional 444 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of EOG Resources by 4.4% in the second quarter. Sei Investments Co. now owns 362,446 shares of the energy exploration company's stock worth $43,356,000 after acquiring an additional 15,250 shares during the last quarter. Institutional investors own 89.91% of the company's stock.

EOG Resources Stock Down 2.0%

EOG Resources stock opened at $145.69 on Tuesday. The firm has a market cap of $77.60 billion, a price-to-earnings ratio of 14.34 and a beta of 0.25. The stock has a fifty day simple moving average of $137.03 and a two-hundred day simple moving average of $131.72. EOG Resources, Inc. has a 12 month low of $101.59 and a 12 month high of $151.87. The company has a current ratio of 1.72, a quick ratio of 1.53 and a debt-to-equity ratio of 0.26.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The energy exploration company reported $3.41 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.18. EOG Resources had a return on equity of 19.25% and a net margin of 23.01%.The firm had revenue of $6.92 billion during the quarter, compared to analysts' expectations of $6.18 billion. During the same quarter in the previous year, the business earned $2.87 earnings per share. The company's revenue was up 22.1% on a year-over-year basis. Equities analysts predict that EOG Resources, Inc. will post 16.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price target on EOG Resources from $139.00 to $129.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Roth Capital reissued a "neutral" rating and set a $136.00 price objective on shares of EOG Resources in a research report on Wednesday, May 6th. Stephens cut their price objective on shares of EOG Resources from $170.00 to $167.00 in a research report on Wednesday, May 6th. Royal Bank Of Canada raised their price objective on shares of EOG Resources from $138.00 to $175.00 and gave the company an "outperform" rating in a research note on Wednesday, April 8th. Finally, UBS Group decreased their target price on shares of EOG Resources from $168.00 to $158.00 and set a "buy" rating for the company in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $155.57.

EOG Resources 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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