Empowered Funds LLC Reduces Holdings in EOG Resources, Inc. $EOG

Key Points

• Empowered Funds LLC reduced its stake in EOG Resources by 24.5% during the first quarter, now holding 221,157 shares valued at approximately $28.36 million.
• Several institutions, including Banque Cantonale Vaudoise and Saudi Central Bank, initiated new positions in EOG Resources, showcasing strong interest from institutional investors.
• Analysts have varied target price ratings for EOG Resources, with forecasts averaging around $143.52, indicating a potential for growth despite recent earnings showing a year-over-year revenue decline of 9.1%.

Empowered Funds LLC reduced its stake in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 24.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 221,157 shares of the energy exploration company's stock after selling 71,899 shares during the quarter. EOG Resources makes up approximately 0.4% of Empowered Funds LLC's investment portfolio, making the stock its 29th largest position. Empowered Funds LLC's holdings in EOG Resources were worth $28,361,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. MBB Public Markets I LLC purchased a new stake in shares of EOG Resources during the first quarter valued at $323,000. Ascent Group LLC boosted its stake in shares of EOG Resources by 37.7% during the first quarter. Ascent Group LLC now owns 24,372 shares of the energy exploration company's stock valued at $3,125,000 after purchasing an additional 6,679 shares during the period. Great Lakes Advisors LLC boosted its stake in shares of EOG Resources by 3.6% during the first quarter. Great Lakes Advisors LLC now owns 337,224 shares of the energy exploration company's stock valued at $42,662,000 after purchasing an additional 11,783 shares during the period. Caxton Associates LLP purchased a new stake in shares of EOG Resources during the first quarter valued at $1,636,000. Finally, Sciencast Management LP purchased a new stake in shares of EOG Resources during the first quarter valued at $3,525,000. 89.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of the business's stock in a transaction dated 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 owned 45,739 shares in the company, valued at approximately $5,472,671.35. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.13% of the company's stock.

Analyst Ratings Changes

EOG has been the subject of several recent research reports. Morgan Stanley set a $135.00 price objective on EOG Resources and gave the company an "equal weight" rating in a report on Monday, June 2nd. Barclays lifted their price objective on EOG Resources from $137.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, June 2nd. Royal Bank Of Canada decreased their price objective on EOG Resources from $145.00 to $140.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Roth Capital downgraded EOG Resources from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $140.00 to $134.00 in a report on Wednesday, July 9th. Finally, Melius Research initiated coverage on EOG Resources in a report on Wednesday, August 20th. They issued a "buy" rating and a $173.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, EOG Resources currently has a consensus rating of "Moderate Buy" and an average target price of $143.52.

EOG Resources Stock Down 1.5%

EOG Resources stock traded down $1.80 during trading hours on Friday, reaching $118.20. The stock had a trading volume of 1,967,189 shares, compared to its average volume of 2,275,035. The company has a market cap of $64.54 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 9.19 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.79 and a quick ratio of 1.61. The business's 50 day moving average price is $119.80 and its 200-day moving average price is $118.10. EOG Resources, Inc. has a 52 week low of $102.52 and a 52 week high of $138.18.

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

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.