Panagora Asset Management Inc. Sells 110,941 Shares of EOG Resources, Inc. $EOG

Key Points

• Panagora Asset Management Inc. has reduced its holdings in EOG Resources by 9.4%, now owning 1,063,919 shares valued at approximately $136.4 million.
• COO Jeffrey R. Leitzell sold 3,951 shares at $119.65 each, resulting in a 7.95% decrease in his stock position.
• EOG Resources reported a quarterly earnings of $2.32 per share, exceeding analysts' expectations, though revenue fell 9.1% year-over-year to $5.48 billion.

Panagora Asset Management Inc. lessened its holdings in EOG Resources, Inc. (NYSE:EOG - Free Report) by 9.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,063,919 shares of the energy exploration company's stock after selling 110,941 shares during the period. Panagora Asset Management Inc. owned approximately 0.19% of EOG Resources worth $136,437,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Palogic Value Management L.P. raised its position in EOG Resources by 3.5% in the first quarter. Palogic Value Management L.P. now owns 4,809 shares of the energy exploration company's stock worth $617,000 after purchasing an additional 161 shares in the last quarter. Vident Advisory LLC raised its position in EOG Resources by 373.2% in the first quarter. Vident Advisory LLC now owns 160,772 shares of the energy exploration company's stock worth $20,618,000 after purchasing an additional 126,796 shares in the last quarter. Magnetar Financial LLC acquired a new position in EOG Resources in the first quarter worth about $213,000. Canada Pension Plan Investment Board raised its position in EOG Resources by 30.1% in the first quarter. Canada Pension Plan Investment Board now owns 195,782 shares of the energy exploration company's stock worth $25,107,000 after purchasing an additional 45,295 shares in the last quarter. Finally, WPG Advisers LLC acquired a new position in EOG Resources in the first quarter worth about $36,000. Institutional investors and hedge funds own 89.91% of the company's stock.

EOG Resources Price Performance

Shares of EOG Resources stock traded up $1.21 during midday trading on Tuesday, reaching $126.03. The company had a trading volume of 2,224,846 shares, compared to its average volume of 3,549,946. The company has a current ratio of 1.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $68.81 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 9.56 and a beta of 0.85. The stock has a fifty day simple moving average of $120.11 and a 200 day simple moving average of $118.78. EOG Resources, Inc. has a 1-year low of $102.52 and a 1-year high of $138.18.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share for the quarter, beating analysts' consensus estimates of $2.14 by $0.18. The business had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.45 billion. EOG Resources had a net margin of 25.25% and a return on equity of 20.51%. EOG Resources's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.16 earnings per share. As a group, equities research analysts forecast that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EOG. Bank of America dropped their price target on shares of EOG Resources from $125.00 to $124.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Piper Sandler dropped their price target on shares of EOG Resources from $138.00 to $136.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. Argus lowered shares of EOG Resources from a "buy" rating to a "hold" rating in a report on Monday, August 25th. Roth Capital lowered shares of EOG Resources from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $140.00 to $134.00 in a report on Wednesday, July 9th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of EOG Resources in a report on Sunday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $143.61.

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 shares were sold at an average price of $119.65, for a total value of $472,737.15. Following the completion of the sale, the chief operating officer owned 45,739 shares of the company's stock, valued at $5,472,671.35. This trade represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.13% of the stock is currently owned by corporate insiders.

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.