Dearborn Partners LLC Has $19.99 Million Stake in EOG Resources, Inc. (NYSE:EOG)

Key Points

• Dearborn Partners LLC has reduced its stake in EOG Resources, Inc. by 19.7%, now holding approximately $19.99 million worth of the stock after selling over 38,000 shares in Q1.
• EOG Resources has announced a quarterly dividend increase, now set at $1.02 per share, implying an annualized dividend of $4.08 and a yield of 3.31%.
• The company's stock is currently trading at $123.16, with a market capitalization of approximately $67.22 billion and a P/E ratio of 11.42.

Dearborn Partners LLC lessened its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 155,838 shares of the energy exploration company's stock after selling 38,274 shares during the quarter. Dearborn Partners LLC's holdings in EOG Resources were worth $19,985,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in EOG. Arkadios Wealth Advisors raised its holdings in shares of EOG Resources by 9.5% during the 1st quarter. Arkadios Wealth Advisors now owns 13,180 shares of the energy exploration company's stock valued at $1,690,000 after purchasing an additional 1,146 shares in the last quarter. Bayforest Capital Ltd grew its position in EOG Resources by 275.9% in the 1st quarter. Bayforest Capital Ltd now owns 3,804 shares of the energy exploration company's stock worth $488,000 after purchasing an additional 2,792 shares during the last quarter. XTX Topco Ltd grew its position in EOG Resources by 20.0% in the 1st quarter. XTX Topco Ltd now owns 24,249 shares of the energy exploration company's stock worth $3,110,000 after purchasing an additional 4,044 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of EOG Resources during the 1st quarter valued at about $26,000. Finally, Federated Hermes Inc. boosted its position in shares of EOG Resources by 53.1% during the 1st quarter. Federated Hermes Inc. now owns 576,523 shares of the energy exploration company's stock valued at $73,933,000 after acquiring an additional 199,920 shares in the last quarter. Hedge funds and other institutional investors own 89.91% of the company's stock.

Insider Buying and Selling

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of the stock in a transaction 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 in the company, valued at approximately $5,472,671.35. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EOG. Raymond James Financial boosted their target price 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. Piper Sandler dropped their target price on shares of EOG Resources from $138.00 to $136.00 and set a "neutral" rating for the company in a research note on Thursday, July 17th. Morgan Stanley set a $135.00 target price on shares of EOG Resources and gave the stock an "equal weight" rating in a research note on Monday, June 2nd. Wells Fargo & Company reaffirmed an "overweight" rating on shares of EOG Resources in a research note on Sunday, June 22nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $148.00 target price (up from $144.00) on shares of EOG Resources in a research note on Friday, June 13th. Twelve equities research 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 company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $140.62.

EOG Resources Stock Down 2.8%

Shares of EOG Resources stock traded down $3.38 on Friday, hitting $116.64. The company had a trading volume of 2,688,978 shares, compared to its average volume of 2,830,165. The firm has a market capitalization of $63.66 billion, a P/E ratio of 10.82, a P/E/G ratio of 9.22 and a beta of 0.80. EOG Resources, Inc. has a twelve month low of $102.52 and a twelve month 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 stock has a 50-day moving average of $118.83 and a 200-day moving average of $120.78.

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

EOG Resources Increases Dividend

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

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.