EOG Resources, Inc. $EOG Stock: Sterling Capital Management LLC Cuts Position

Key Points

• Sterling Capital Management cut its EOG Resources stake by 84.8% in the third quarter, selling 66,453 shares and retaining 11,876 shares valued at approximately $1.64 million.
• EOG reported quarterly earnings of $5.07 per share, exceeding estimates, while revenue rose 57.4% year over year to $8.62 billion. The company also declared a $1.02 quarterly dividend, equivalent to a 2.5% yield.
• Despite strong operating results and shares trading near their 52-week high, analysts maintain an average “Hold” rating with a consensus price target of $161.24; institutional investors own 89.91% of the stock.

Sterling Capital Management LLC cut its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 84.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,876 shares of the energy exploration company's stock after selling 66,453 shares during the quarter. Sterling Capital Management LLC's holdings in EOG Resources were worth $1,636,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of EOG Resources in the 2nd quarter valued at about $5,905,587,000. Dimensional Fund Advisors LP raised its stake in shares of EOG Resources by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,865,073 shares of the energy exploration company's stock worth $848,228,000 after acquiring an additional 54,091 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of EOG Resources by 5.5% during the 1st quarter. Bank of New York Mellon Corp now owns 4,928,984 shares of the energy exploration company's stock worth $712,583,000 after acquiring an additional 259,015 shares in the last quarter. Bank of America Corp DE bought a new position in shares of EOG Resources during the 2nd quarter worth approximately $551,321,000. Finally, First Trust Advisors LP lifted its position in EOG Resources by 15.7% during the first quarter. First Trust Advisors LP now owns 3,446,002 shares of the energy exploration company's stock valued at $498,189,000 after acquiring an additional 468,090 shares during the last quarter. 89.91% of the stock is owned by institutional investors.

EOG Resources Stock Performance

Shares of EOG Resources stock opened at $163.63 on Tuesday. The firm has a market capitalization of $85.83 billion, a P/E ratio of 12.73, a PEG ratio of 0.58 and a beta of 0.36. The company has a quick ratio of 1.68, a current ratio of 1.85 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average price of $147.57 and a 200 day moving average price of $135.31. EOG Resources, Inc. has a 52 week low of $101.59 and a 52 week high of $165.11.

EOG Resources (NYSE:EOG - Get Free Report) last released its earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.10. The company had revenue of $8.62 billion during the quarter, compared to analysts' expectations of $8.04 billion. EOG Resources had a net margin of 25.44% and a return on equity of 23.44%. EOG Resources's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period last year, the business earned $2.32 EPS. Sell-side analysts expect that EOG Resources, Inc. will post 17.70 EPS for the current year.

EOG Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, October 16th. EOG Resources's payout ratio is presently 31.75%.

Analyst Ratings Changes

EOG has been the subject of several recent analyst reports. Seaport Research Partners started coverage on shares of EOG Resources in a research note on Thursday, September 3rd. They issued a "neutral" rating for the company. Truist Financial upped their price target on EOG Resources from $153.00 to $160.00 and gave the stock a "hold" rating in a research report on Friday, October 2nd. Citigroup reaffirmed a "neutral" rating and set a $150.00 price target (up from $141.00) on shares of EOG Resources in a research report on Thursday, August 27th. Barclays set a $147.00 price objective on EOG Resources and gave the company an "equal weight" rating in a report on Monday, August 17th. Finally, Morgan Stanley raised their price objective on EOG Resources from $157.00 to $163.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and seventeen have assigned a Hold rating to the stock. According to data from MarketBeat.com, EOG Resources has an average rating of "Hold" and an average target price of $161.24.

Insider Transactions at EOG Resources

In other news, COO Jeffrey Leitzell sold 9,039 shares of the business's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $140.61, for a total transaction of $1,270,973.79. Following the sale, the chief operating officer directly owned 90,790 shares of the company's stock, valued at $12,765,981.90. The trade was a 9.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ezra Yacob sold 35,942 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $152.10, for a total transaction of $5,466,778.20. Following the sale, the chief executive officer directly owned 242,451 shares in the company, valued at $36,876,797.10. This trade represents a 12.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 52,317 shares of company stock worth $7,823,480. Company insiders own 0.14% of the company's stock.

EOG Resources Profile

EOG Resources, Inc is an independent exploration and production company engaged in finding, developing, producing and marketing crude oil, natural gas liquids and natural gas. Its operations focus on large, high-quality onshore and international assets, supported by technical expertise in horizontal drilling and hydraulic fracturing.

The company's principal U.S. activities are concentrated in major shale and onshore plays, including the Delaware Basin, Eagle Ford and other producing regions in Texas and the Rocky Mountains.

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