Goldman Sachs Group Inc. Trims Stake in EOG Resources, Inc. (NYSE:EOG)

Key Points

• Goldman Sachs Group Inc. reduced its stake in EOG Resources, Inc. by 5.0%, owning 4,270,492 shares valued at approximately $547.6 million after selling 225,689 shares in the first quarter.
• Institutional investors currently own 89.91% of EOG's stock, with Capital World Investors increasing its holdings by 5.2% to own 45,919,327 shares worth about $5.6 billion.
• EOG Resources announced a quarterly dividend increase from $0.98 to $1.02 per share, reflecting an annualized yield of 3.5% with a payout ratio of 36.18%.

Goldman Sachs Group Inc. trimmed its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,270,492 shares of the energy exploration company's stock after selling 225,689 shares during the quarter. Goldman Sachs Group Inc. owned 0.78% of EOG Resources worth $547,648,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Capital World Investors boosted its holdings in EOG Resources by 5.2% in the fourth quarter. Capital World Investors now owns 45,919,327 shares of the energy exploration company's stock worth $5,628,497,000 after purchasing an additional 2,270,013 shares during the last quarter. Northern Trust Corp boosted its stake in EOG Resources by 2.9% during the fourth quarter. Northern Trust Corp now owns 5,719,012 shares of the energy exploration company's stock worth $701,036,000 after buying an additional 159,216 shares during the period. Massachusetts Financial Services Co. MA increased its stake in EOG Resources by 1.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,530,260 shares of the energy exploration company's stock worth $709,201,000 after purchasing an additional 60,454 shares during the period. Dimensional Fund Advisors LP raised its position in EOG Resources by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,874,964 shares of the energy exploration company's stock valued at $597,476,000 after purchasing an additional 50,896 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of EOG Resources by 5.3% during the fourth quarter. Invesco Ltd. now owns 4,409,619 shares of the energy exploration company's stock valued at $540,531,000 after buying an additional 222,188 shares during the last quarter. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $119.65, for a total transaction of $472,737.15. Following the sale, the chief operating officer owned 45,739 shares in the company, valued at $5,472,671.35. This represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EOG. Piper Sandler decreased their price objective on EOG Resources from $138.00 to $136.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Morgan Stanley set a $135.00 price objective on shares of EOG Resources and gave the company an "equal weight" rating in a report on Monday, June 2nd. Scotiabank raised shares of EOG Resources from a "sector perform" rating to a "sector outperform" rating and reduced their price target for the stock from $150.00 to $130.00 in a research report on Friday, April 11th. Raymond James Financial lifted their price target on EOG Resources from $158.00 to $161.00 and gave the stock a "strong-buy" rating in a report on Tuesday, July 22nd. Finally, Bank of America decreased their price objective on EOG Resources from $125.00 to $124.00 and set a "neutral" rating for the company 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 assigned a strong buy rating to the company. According to data from MarketBeat, EOG Resources has an average rating of "Moderate Buy" and an average price target of $140.62.

EOG Resources Stock Down 0.9%

Shares of NYSE:EOG opened at $116.68 on Thursday. The firm has a market cap of $63.68 billion, a P/E ratio of 10.82, a P/E/G ratio of 9.02 and a beta of 0.80. EOG Resources, Inc. has a 12 month low of $102.52 and a 12 month high of $138.18. The company has a quick ratio of 1.71, a current ratio of 1.87 and a debt-to-equity ratio of 0.12. The company's 50-day moving average price is $119.36 and its two-hundred day moving average price is $120.23.

EOG Resources Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, October 17th. This is a boost from EOG Resources's previous quarterly dividend of $0.98. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.5%. EOG Resources's dividend payout ratio is 36.18%.

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.

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