Corient Private Wealth LP Reduces Position in EOG Resources, Inc. $EOG

Key Points

• Corient Private Wealth cut its EOG Resources stake by 45.4% in the second quarter, selling 136,362 shares and retaining 164,004 shares valued at approximately $21.3 million. Institutional investors collectively own 89.91% of EOG.
• EOG reported quarterly earnings of $5.07 per share, exceeding estimates of $4.97, while revenue reached $8.62 billion and rose 57.4% year over year.
• The company declared a quarterly dividend of $1.02 per share, equal to an annualized $4.08 payout and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $158.

Corient Private Wealth LP lowered its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 45.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 164,004 shares of the energy exploration company's stock after selling 136,362 shares during the period. Corient Private Wealth LP's holdings in EOG Resources were worth $21,276,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in shares of EOG Resources by 12,810.7% during the second quarter. California State Teachers Retirement System now owns 80,957,747 shares of the energy exploration company's stock worth $10,502,649,000 after purchasing an additional 80,330,686 shares during the period. BlackRock Inc. purchased a new position in EOG Resources during the 2nd quarter worth approximately $5,905,587,000. Bank of New York Mellon Corp acquired a new stake in EOG Resources during the 2nd quarter valued at approximately $654,899,000. Bank of America Corp DE purchased a new stake in shares of EOG Resources in the 2nd quarter valued at $551,321,000. Finally, Deutsche Bank AG acquired a new stake in shares of EOG Resources in the second quarter worth $251,102,000. 89.91% of the stock is owned by hedge funds and other institutional investors.

EOG Resources Trading Up 0.7%

EOG stock opened at $148.43 on Tuesday. EOG Resources, Inc. has a 12-month low of $101.59 and a 12-month high of $153.67. The business's 50-day moving average is $143.48 and its 200 day moving average is $138.38. The company has a current ratio of 1.85, a quick ratio of 1.68 and a debt-to-equity ratio of 0.25. The stock has a market cap of $77.86 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 0.55 and a beta of 0.26.

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 analysts' consensus estimates of $4.97 by $0.10. The business had revenue of $8.62 billion during 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 business's revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.32 earnings per share. On average, sell-side analysts anticipate that EOG Resources, Inc. will post 16.75 EPS for the current fiscal year.

EOG Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 16th will be paid a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, October 16th. EOG Resources's payout ratio is 31.75%.

Analyst Ratings Changes

EOG has been the subject of a number of research reports. Truist Financial boosted their target price on shares of EOG Resources from $134.00 to $153.00 and gave the company a "hold" rating in a research report on Thursday, August 6th. Freedom Capital downgraded EOG Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. UBS Group reiterated a "buy" rating and set a $183.00 price target (up from $158.00) on shares of EOG Resources in a research report on Monday. Zacks Research lowered EOG Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $175.00 target price (up from $170.00) on shares of EOG Resources in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eighteen have issued a Hold rating to the stock. According to MarketBeat, EOG Resources currently has an average rating of "Hold" and a consensus price target of $158.00.

Insider Buying and Selling at EOG Resources

In other news, EVP Michael Donaldson sold 7,336 shares of the company's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $148.00, for a total transaction of $1,085,728.00. Following the completion of the sale, the executive vice president owned 100,558 shares of the company's stock, valued at $14,882,584. This represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ezra Yacob sold 35,942 shares of the business's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $152.10, for a total transaction of $5,466,778.20. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.14% of the company's stock.

EOG Resources Company Profile

EOG Resources, Inc is an independent exploration and production company focused on finding, developing and producing crude oil, natural gas and natural gas liquids. Its operations are concentrated primarily in the United States, with a portfolio of onshore assets in several major producing regions.

The company's principal U.S. positions include the Delaware Basin and other areas of the Permian Basin, the Eagle Ford and Dorado plays in South Texas, and the Rocky Mountain region. EOG also has international operations in Trinidad and Tobago, where it produces natural gas and supports related energy development.

EOG traces its history to Enron Oil & Gas Company, which was established in 1990.

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