Fifth Third Bancorp Grows Stock Position in EOG Resources, Inc. $EOG

Key Points

• Fifth Third Bancorp boosted its EOG Resources stake by 50.6% in the first quarter, ending with 315,253 shares worth about $45.6 million.
• Several other institutional investors also added to or initiated positions, and hedge funds and institutions now own 89.91% of EOG Resources' shares.
• EOG reported strong first-quarter results, with EPS of $3.41 beating estimates and revenue of $6.92 billion topping forecasts; the company also announced a quarterly dividend of $1.02 per share, yielding about 3.0%.

Fifth Third Bancorp raised its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 315,253 shares of the energy exploration company's stock after buying an additional 105,968 shares during the quarter. Fifth Third Bancorp owned about 0.06% of EOG Resources worth $45,576,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Sovran Advisors LLC bought a new stake in EOG Resources in the 1st quarter valued at about $274,000. Sequoia Financial Advisors LLC increased its stake in shares of EOG Resources by 49.6% in the first quarter. Sequoia Financial Advisors LLC now owns 22,820 shares of the energy exploration company's stock worth $3,299,000 after purchasing an additional 7,567 shares in the last quarter. Waterfront Wealth Inc. purchased a new position in shares of EOG Resources in the first quarter worth about $938,000. Peterson Wealth Services raised its position in shares of EOG Resources by 25.0% in the first quarter. Peterson Wealth Services now owns 1,719 shares of the energy exploration company's stock valued at $248,000 after purchasing an additional 344 shares during the period. Finally, Beacon Financial Group raised its position in shares of EOG Resources by 8.2% in the first quarter. Beacon Financial Group now owns 6,854 shares of the energy exploration company's stock valued at $991,000 after purchasing an additional 522 shares during the period. Hedge funds and other institutional investors own 89.91% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EOG. Susquehanna upped their price target on shares of EOG Resources from $144.00 to $162.00 and gave the company a "positive" rating in a research note on Tuesday, April 21st. Roth Capital reissued a "neutral" rating and set a $136.00 target price on shares of EOG Resources in a report on Wednesday, May 6th. Wall Street Zen upgraded EOG Resources from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Weiss Ratings raised EOG Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 13th. Finally, Williams Trading set a $177.00 price objective on EOG Resources in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, EOG Resources has a consensus rating of "Moderate Buy" and a consensus target price of $155.04.

EOG Resources Stock Performance

NYSE EOG opened at $134.03 on Monday. The company's 50 day simple moving average is $135.59 and its two-hundred day simple moving average is $127.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.72 and a quick ratio of 1.53. EOG Resources, Inc. has a 1 year low of $101.59 and a 1 year high of $151.87. The stock has a market capitalization of $71.39 billion, a PE ratio of 13.19 and a beta of 0.25.

EOG Resources (NYSE:EOG - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy exploration company reported $3.41 EPS for the quarter, beating analysts' consensus estimates of $3.23 by $0.18. EOG Resources had a net margin of 23.01% and a return on equity of 19.25%. The firm had revenue of $6.92 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same period in the previous year, the business earned $2.87 EPS. The business's revenue for the quarter was up 22.1% on a year-over-year basis. Analysts predict that EOG Resources, Inc. will post 16.19 earnings per share for the current fiscal year.

EOG Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, July 17th. EOG Resources's payout ratio is presently 40.16%.

EOG Resources Profile

EOG Resources, Inc NYSE: EOG is an independent exploration and production company headquartered in Houston, Texas. Tracing its corporate origins to Enron Oil & Gas Company in the late 1990s, the company established itself as a stand‑alone E&P operator and has grown into one of the largest U.S. upstream producers. EOG focuses on the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids (NGLs).

As an upstream-focused company, EOG's core activities include geologic and geophysical exploration, drilling and completion of wells, reservoir development, and the marketing of hydrocarbon production.

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