Empirical Financial Services LLC d.b.a. Empirical Wealth Management Makes New $1.47 Million Investment in EOG Resources, Inc. (NYSE:EOG)

Key Points

• Empirical Financial Services LLC acquired 11,428 shares of EOG Resources, Inc., valued at approximately $1,466,000, signaling a significant interest from the institutional investor in the energy sector.
• EOG Resources announced a quarterly dividend increase to $1.02 per share, up from $0.98, reflecting a strong commitment to returning value to shareholders.
• Despite recent challenges, EOG Resources reported an EPS of $2.87, surpassing analysts' expectations, with a revenue of $5.84 billion during the most recent quarter.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 11,428 shares of the energy exploration company's stock, valued at approximately $1,466,000.

Several other hedge funds also recently modified their holdings of the stock. Silvercrest Asset Management Group LLC boosted its position in EOG Resources by 14.8% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 826,038 shares of the energy exploration company's stock worth $101,256,000 after purchasing an additional 106,677 shares during the last quarter. ARGA Investment Management LP increased its position in shares of EOG Resources by 24.2% during the 1st quarter. ARGA Investment Management LP now owns 13,441 shares of the energy exploration company's stock valued at $1,724,000 after purchasing an additional 2,616 shares during the last quarter. CWA Asset Management Group LLC raised its stake in shares of EOG Resources by 15.3% during the 1st quarter. CWA Asset Management Group LLC now owns 20,344 shares of the energy exploration company's stock worth $2,609,000 after purchasing an additional 2,697 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of EOG Resources by 37.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 162,603 shares of the energy exploration company's stock worth $20,852,000 after buying an additional 44,687 shares during the last quarter. Finally, Pinnacle Financial Partners Inc grew its position in EOG Resources by 4.7% during the first quarter. Pinnacle Financial Partners Inc now owns 182,634 shares of the energy exploration company's stock valued at $23,032,000 after buying an additional 8,127 shares during the period. Hedge funds and other institutional investors own 89.91% of the company's stock.

Analyst Ratings Changes

EOG has been the topic of several research reports. Susquehanna lifted their price objective on shares of EOG Resources from $156.00 to $170.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Stephens initiated coverage on shares of EOG Resources in a research note on Tuesday, June 17th. They set an "equal weight" rating and a $137.00 price target for the company. Jefferies Financial Group reiterated a "buy" rating and issued a $148.00 price objective (up previously from $144.00) on shares of EOG Resources in a research note on Friday, June 13th. KeyCorp decreased their price objective on EOG Resources from $150.00 to $140.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Barclays boosted their target price on shares of EOG Resources from $137.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, June 2nd. Twelve equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $140.62.

Insider Buying and Selling at EOG Resources

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of the firm's stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 45,739 shares in the company, valued at $5,472,671.35. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.13% of the company's stock.

EOG Resources Price Performance

NYSE EOG traded down $3.38 on Friday, reaching $116.64. 2,688,978 shares of the company's stock traded hands, compared to its average volume of 2,964,615. The stock has a market cap of $63.66 billion, a PE ratio of 10.82, a P/E/G ratio of 8.96 and a beta of 0.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.87 and a quick ratio of 1.71. EOG Resources, Inc. has a 12 month low of $102.52 and a 12 month high of $138.18. The stock has a 50-day simple moving average of $118.96 and a 200 day simple moving average of $120.41.

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

EOG Resources Increases Dividend

The business 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 $1.02 dividend. This is a boost from EOG Resources's previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Friday, October 17th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.5%. EOG Resources's dividend payout ratio is presently 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.