Congress Asset Management Co. Sells 70,682 Shares of EOG Resources, Inc. $EOG

Key Points

• Congress Asset Management Co. has reduced its stake in EOG Resources, Inc. by 37.7% during the second quarter, selling 70,682 shares and retaining 116,723 shares valued at approximately $13,961,000.
• Research firms' forecasts for EOG Resources show varied ratings, with price targets ranging from $134.00 to $173.00; the average rating is a "Moderate Buy" with an average target price of $143.48.
• Recent quarterly earnings reflected a profit of $2.32 per share, exceeding estimates, although revenue showed a 9.1% decline year-over-year, amounting to $5.48 billion.

Congress Asset Management Co. lowered its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 37.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,723 shares of the energy exploration company's stock after selling 70,682 shares during the quarter. Congress Asset Management Co.'s holdings in EOG Resources were worth $13,961,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of EOG. Old North State Wealth Management LLC purchased a new stake in shares of EOG Resources in the 2nd quarter worth $213,000. Retirement Guys Formula LLC lifted its stake in EOG Resources by 10.4% in the second quarter. Retirement Guys Formula LLC now owns 14,157 shares of the energy exploration company's stock worth $1,693,000 after acquiring an additional 1,336 shares during the period. Affinity Wealth Management LLC lifted its stake in EOG Resources by 1.8% in the second quarter. Affinity Wealth Management LLC now owns 28,279 shares of the energy exploration company's stock worth $3,382,000 after acquiring an additional 500 shares during the period. Cassia Capital Partners LLC increased its position in EOG Resources by 7.8% during the 2nd quarter. Cassia Capital Partners LLC now owns 8,048 shares of the energy exploration company's stock valued at $963,000 after purchasing an additional 581 shares during the period. Finally, Foster Victor Wealth Advisors LLC increased its position in EOG Resources by 5.2% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 59,134 shares of the energy exploration company's stock valued at $7,208,000 after purchasing an additional 2,935 shares during the period. 89.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EOG. Royal Bank Of Canada dropped their price objective on shares of EOG Resources from $145.00 to $140.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Melius assumed coverage on EOG Resources in a research report on Wednesday, August 20th. They set a "buy" rating and a $173.00 target price on the stock. Roth Capital lowered EOG Resources from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $140.00 to $134.00 in a research report on Wednesday, July 9th. Jefferies Financial Group reaffirmed a "buy" rating and set a $148.00 price objective (up previously from $144.00) on shares of EOG Resources in a research report on Friday, June 13th. Finally, Morgan Stanley set a $135.00 target price on EOG Resources and gave the company an "equal weight" rating in a research note on Monday, June 2nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $143.48.

EOG Resources Trading Down 0.1%

Shares of NYSE:EOG opened at $117.19 on Friday. The business's 50-day moving average is $119.13 and its 200 day moving average is $117.66. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.79 and a quick ratio of 1.61. EOG Resources, Inc. has a 1 year low of $102.52 and a 1 year high of $138.18. The firm has a market capitalization of $63.98 billion, a P/E ratio of 11.39, a P/E/G ratio of 9.01 and a beta of 0.85.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.18. EOG Resources had a return on equity of 20.51% and a net margin of 25.25%.The business had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter last year, the company earned $3.16 earnings per share. The company's quarterly revenue was down 9.1% on a year-over-year basis. On average, research analysts predict that EOG Resources, Inc. will post 11.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EOG Resources news, COO Jeffrey R. Leitzell sold 3,951 shares of the business's 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 sale, the chief operating officer owned 45,739 shares of the company's stock, valued at approximately $5,472,671.35. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.13% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.