EOG Resources, Inc. (NYSE:EOG) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. has significantly reduced its stake in EOG Resources by 92.5%, selling 140,307 shares but retaining 11,362 shares, valued at $1,457,000.
• EOG Resources announced an increase in its quarterly dividend from $0.98 to $1.02 per share, with a dividend yield of 3.4%.
• The company reported $2.32 EPS for the last quarter, exceeding analysts' estimates, although revenue decreased 9.1% year-over-year.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 92.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,362 shares of the energy exploration company's stock after selling 140,307 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in EOG Resources were worth $1,457,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC boosted its stake in EOG Resources by 14.8% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 826,038 shares of the energy exploration company's stock valued at $101,256,000 after acquiring an additional 106,677 shares during the last quarter. ARGA Investment Management LP boosted its stake in 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 acquiring an additional 2,616 shares during the last quarter. CWA Asset Management Group LLC boosted its stake in 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 valued at $2,609,000 after acquiring an additional 2,697 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in EOG Resources by 37.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 162,603 shares of the energy exploration company's stock valued at $20,852,000 after acquiring an additional 44,687 shares during the last quarter. Finally, Pinnacle Financial Partners Inc boosted its stake in EOG Resources by 4.7% during the 1st quarter. Pinnacle Financial Partners Inc now owns 182,634 shares of the energy exploration company's stock valued at $23,032,000 after acquiring an additional 8,127 shares during the last quarter. 89.91% of the stock is owned by institutional investors and hedge funds.

EOG Resources Stock Performance

Shares of EOG opened at $119.06 on Friday. EOG Resources, Inc. has a one year low of $102.52 and a one year high of $138.18. The company has a 50-day moving average of $120.29 and a two-hundred day moving average of $119.48. The stock has a market cap of $65.01 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 9.21 and a beta of 0.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.79 and a quick ratio of 1.61.

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 the consensus estimate of $2.14 by $0.18. EOG Resources had a net margin of 25.25% and a return on equity of 20.51%. The company had revenue of $5.48 billion during the quarter, compared to analysts' expectations of $5.45 billion. During the same period last year, the company posted $3.16 earnings per share. The business's revenue for the quarter was down 9.1% on a year-over-year basis. On average, equities research analysts expect that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

EOG Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be issued a dividend of $1.02 per share. This is an increase from EOG Resources's previous quarterly dividend of $0.98. This represents a $4.08 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Friday, October 17th. EOG Resources's dividend payout ratio is 39.65%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on EOG shares. Royal Bank Of Canada reduced 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 report on Tuesday, July 8th. Wells Fargo & Company restated an "overweight" rating on shares of EOG Resources in a research report on Sunday, June 22nd. Mizuho dropped their price objective on shares of EOG Resources from $140.00 to $134.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. KeyCorp dropped their price objective on shares of EOG Resources from $150.00 to $140.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Bank of America dropped their price objective on shares of EOG Resources from $125.00 to $124.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $140.71.

Insider Activity 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 transaction of $472,737.15. Following the completion of the sale, the chief operating officer directly owned 45,739 shares in the company, valued at approximately $5,472,671.35. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.13% of the company's stock.

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.

Want to see what other hedge funds are holding EOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EOG Resources, Inc. (NYSE:EOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.