The Manufacturers Life Insurance Company Decreases Stake in EOG Resources, Inc. $EOG

Key Points

• The Manufacturers Life Insurance Company sold 20.3% of its stake in EOG Resources, Inc., reducing its holdings to 684,204 shares valued at approximately $87.74 million.
• EOG Resources has received mixed ratings from analysts, with one "Strong Buy," eleven "Buy," and twelve "Hold" ratings, alongside a consensus price target of $143.61.
• The company reported earnings of $2.32 per share for the last quarter, exceeding analysts' expectations, but also noted a 9.1% year-over-year revenue decline.

The Manufacturers Life Insurance Company decreased its stake in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 684,204 shares of the energy exploration company's stock after selling 174,546 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.13% of EOG Resources worth $87,743,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Nuveen LLC purchased a new stake in shares of EOG Resources during the first quarter worth approximately $451,908,000. GAMMA Investing LLC increased its position in shares of EOG Resources by 14,784.1% in the 1st quarter. GAMMA Investing LLC now owns 1,281,374 shares of the energy exploration company's stock valued at $164,323,000 after purchasing an additional 1,272,765 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of EOG Resources by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 19,380,866 shares of the energy exploration company's stock valued at $2,485,402,000 after purchasing an additional 1,188,552 shares during the last quarter. Deutsche Bank AG increased its position in shares of EOG Resources by 58.6% in the 4th quarter. Deutsche Bank AG now owns 2,081,409 shares of the energy exploration company's stock valued at $255,139,000 after purchasing an additional 769,362 shares during the last quarter. Finally, LSV Asset Management increased its position in shares of EOG Resources by 290.5% in the 1st quarter. LSV Asset Management now owns 687,446 shares of the energy exploration company's stock valued at $88,158,000 after purchasing an additional 511,418 shares during the last quarter. Hedge funds and other institutional investors own 89.91% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Piper Sandler dropped their target price on EOG Resources from $138.00 to $136.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Bank of America dropped their price objective on EOG Resources from $125.00 to $124.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. UBS Group increased their price objective on EOG Resources from $142.00 to $144.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. 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 report on Friday, June 13th. Finally, Royal Bank Of Canada dropped their price target on shares of EOG Resources from $145.00 to $140.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, EOG Resources has a consensus rating of "Moderate Buy" and an average price target of $143.61.

EOG Resources Stock Performance

EOG Resources stock traded up $1.21 during midday trading on Tuesday, hitting $126.03. 2,224,846 shares of the company's stock were exchanged, compared to its average volume of 3,549,946. EOG Resources, Inc. has a 12-month low of $102.52 and a 12-month high of $138.18. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.61 and a current ratio of 1.79. The stock has a market cap 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 firm's 50 day simple moving average is $120.11 and its 200 day simple moving average is $118.78.

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

Insiders Place Their Bets

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of EOG Resources stock in a transaction 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 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 filing with the SEC, which is available at the SEC website. 0.13% of the stock is currently owned by company insiders.

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.