Laffer Tengler Investments Inc. Trims Stock Position in EOG Resources, Inc. $EOG

Key Points

• Laffer Tengler Investments Inc. reduced its stock position in EOG Resources, Inc. by 3.9%, now holding 56,359 shares worth approximately $7,227,000.
• Despite Laffer Tengler's reduction, other hedge funds such as Bank Pictet & Cie Europe AG and Marshall Wace LLP significantly increased their investments in EOG, indicating varied market sentiment.
• EOG Resources recently announced a quarterly dividend increase to $1.02 per share, reflecting a positive shift in its dividend policy, with a current yield of 3.4%.

Laffer Tengler Investments Inc. cut its holdings in EOG Resources, Inc. (NYSE:EOG - Free Report) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,359 shares of the energy exploration company's stock after selling 2,279 shares during the period. EOG Resources accounts for 1.5% of Laffer Tengler Investments Inc.'s portfolio, making the stock its 26th largest holding. Laffer Tengler Investments Inc.'s holdings in EOG Resources were worth $7,227,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in EOG. Bank Pictet & Cie Europe AG raised its stake in EOG Resources by 56.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 248,399 shares of the energy exploration company's stock valued at $30,449,000 after purchasing an additional 89,521 shares in the last quarter. Marshall Wace LLP increased its stake in EOG Resources by 266.5% in the 4th quarter. Marshall Wace LLP now owns 29,319 shares of the energy exploration company's stock worth $3,594,000 after buying an additional 21,319 shares during the period. MML Investors Services LLC raised its stake in shares of EOG Resources by 4.1% during the fourth quarter. MML Investors Services LLC now owns 40,309 shares of the energy exploration company's stock valued at $4,941,000 after acquiring an additional 1,601 shares in the last quarter. TD Waterhouse Canada Inc. lifted its holdings in shares of EOG Resources by 6.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,132 shares of the energy exploration company's stock worth $261,000 after buying an additional 129 shares during the period. Finally, MGO One Seven LLC increased its position in EOG Resources by 31.1% during the 4th quarter. MGO One Seven LLC now owns 4,960 shares of the energy exploration company's stock valued at $608,000 after purchasing an additional 1,178 shares during the period. 89.91% of the stock is currently owned by institutional investors.

Insider Activity at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of the firm's stock in a transaction dated 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 of the company's stock, 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 filing with the SEC, which is available at this link. 0.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

EOG has been the subject of several analyst reports. Melius started coverage on shares of EOG Resources in a research report on Wednesday. They set a "buy" rating and a $173.00 price target for the company. Jefferies Financial Group restated a "buy" rating and set a $148.00 price objective (up from $144.00) on shares of EOG Resources in a research note on Friday, June 13th. Piper Sandler decreased their target price on shares of EOG Resources from $138.00 to $136.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. Royal Bank Of Canada lowered their price target on shares of EOG Resources from $145.00 to $140.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Finally, Morgan Stanley set a $135.00 price objective on EOG Resources and gave the company an "equal weight" rating in a research note on Monday, June 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.61.

EOG Resources Price Performance

NYSE:EOG opened at $118.2880 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.79 and a debt-to-equity ratio of 0.12. EOG Resources, Inc. has a 52 week low of $102.52 and a 52 week high of $138.18. The stock's 50-day moving average price is $120.27 and its 200-day moving average price is $119.20. The stock has a market capitalization of $64.58 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 9.04 and a beta of 0.80.

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

EOG Resources Increases Dividend

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

About EOG Resources

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.