Cumberland Partners Ltd Makes New Investment in EOG Resources, Inc. (NYSE:EOG)

Key Points

• Cumberland Partners Ltd has made a new investment in EOG Resources, purchasing 2,915 shares valued at approximately $374,000 during the first quarter.
• EOG Resources announced an increase in its quarterly dividend to $1.02 per share from the previous $0.98, resulting in an annualized dividend yield of 3.5%.
• Brokerages have issued varied ratings on EOG Resources, with a consensus price target of $140.62 and a moderate buy rating from analysts.

Cumberland Partners Ltd purchased a new position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,915 shares of the energy exploration company's stock, valued at approximately $374,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of EOG. Banque Cantonale Vaudoise bought a new position in shares of EOG Resources in the 1st quarter worth $26,000. Alpine Bank Wealth Management bought a new position in shares of EOG Resources in the 1st quarter worth $34,000. Ameriflex Group Inc. bought a new position in shares of EOG Resources in the 4th quarter worth $36,000. 10Elms LLP bought a new position in shares of EOG Resources in the 4th quarter worth $44,000. Finally, Hanson & Doremus Investment Management bought a new position in shares of EOG Resources in the 1st quarter worth $51,000. 89.91% of the stock is currently owned by institutional investors.

Insider Activity at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of EOG Resources stock in a transaction on Monday, June 30th. The stock was sold at an average price of $119.65, for a total transaction of $472,737.15. Following the sale, the chief operating officer directly owned 45,739 shares in the company, valued at $5,472,671.35. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.13% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EOG. Morgan Stanley set a $135.00 target price on EOG Resources and gave the stock an "equal weight" rating in a report on Monday, June 2nd. Wells Fargo & Company reiterated an "overweight" rating on shares of EOG Resources in a report on Sunday, June 22nd. Stephens began coverage on EOG Resources in a report on Tuesday, June 17th. They issued an "equal weight" rating and a $137.00 target price on the stock. Scotiabank upgraded EOG Resources from a "sector perform" rating to a "sector outperform" rating and cut their target price for the stock from $150.00 to $130.00 in a report on Friday, April 11th. Finally, UBS Group restated a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of EOG Resources in a research note on Tuesday, June 3rd. Twelve analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $140.62.

EOG Resources Trading Down 2.8%

NYSE EOG opened at $116.64 on Friday. The stock has a market capitalization of $63.66 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 8.96 and a beta of 0.80. EOG Resources, Inc. has a one year low of $102.52 and a one year high of $138.18. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.87 and a quick ratio of 1.71. The business's fifty day moving average is $118.96 and its 200-day moving average is $120.54.

EOG Resources (NYSE:EOG - Get Free Report) last released its earnings results on Thursday, May 1st. The energy exploration company reported $2.87 EPS for the quarter, topping analysts' consensus estimates of $2.75 by $0.12. The company had revenue of $5.84 billion for the quarter, compared to analysts' expectations of $5.92 billion. EOG Resources had a return on equity of 22.35% and a net margin of 26.14%. The business's revenue for the quarter was down 7.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.82 EPS. Equities research analysts predict that EOG Resources, Inc. will post 11.47 EPS for the current year.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 17th will be paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, October 17th. This is a positive change from EOG Resources's previous quarterly dividend of $0.98. EOG Resources's dividend payout ratio (DPR) is presently 36.18%.

About EOG Resources

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.

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