EOG Resources, Inc. $EOG Stake Trimmed by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in EOG Resources, Inc. by 1.4% in the first quarter, now holding 199,749 shares valued at approximately $25.6 million.
• In contrast, several other hedge funds, including Vanguard Group and Charles Schwab Investment Management, increased their positions in EOG Resources during the same period, indicating ongoing institutional interest.
• EOG Resources recently announced a quarterly dividend increase to $1.02 per share, yielding 3.4% annually, reflecting a commitment to returning value to shareholders.

Martingale Asset Management L P trimmed its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 1.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 199,749 shares of the energy exploration company's stock after selling 2,878 shares during the quarter. Martingale Asset Management L P's holdings in EOG Resources were worth $25,616,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new stake in EOG Resources in the first quarter valued at $26,000. Alpine Bank Wealth Management bought a new stake in EOG Resources in the first quarter valued at $34,000. Ameriflex Group Inc. bought a new stake in EOG Resources in the fourth quarter valued at $36,000. 10Elms LLP bought a new stake in EOG Resources in the fourth quarter valued at $44,000. Finally, Stone House Investment Management LLC bought a new stake in shares of EOG Resources during the first quarter valued at about $48,000. 89.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Roth Capital cut shares of EOG Resources from a "buy" rating to a "neutral" rating and cut their price objective for the company from $140.00 to $134.00 in a research note on Wednesday, July 9th. Raymond James Financial lifted their price objective on shares of EOG Resources from $158.00 to $161.00 and gave the company a "strong-buy" rating in a research note on Tuesday, July 22nd. Morgan Stanley set a $135.00 price objective on shares of EOG Resources and gave the company an "equal weight" rating in a research note on Monday, June 2nd. Melius Research assumed coverage on shares of EOG Resources in a research note on Wednesday. They set a "buy" rating and a $173.00 price objective on the stock. Finally, Barclays lifted their price objective on shares of EOG Resources from $137.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, EOG Resources currently has a consensus rating of "Moderate Buy" and an average target price of $143.61.

Insider Transactions at EOG Resources

In related news, COO Jeffrey R. Leitzell sold 3,951 shares of EOG Resources stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $119.65, for a total transaction of $472,737.15. Following the transaction, the chief operating officer directly owned 45,739 shares of the company's stock, valued at $5,472,671.35. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.13% of the stock is currently owned by insiders.

EOG Resources Price Performance

NYSE:EOG traded up $2.3950 during mid-day trading on Friday, reaching $120.9050. 2,245,946 shares of the stock were exchanged, compared to its average volume of 2,796,382. The business has a fifty day moving average price of $120.18 and a 200 day moving average price of $119.09. The firm has a market capitalization of $66.01 billion, a PE ratio of 11.75, a PEG ratio of 9.25 and a beta of 0.80. EOG Resources, Inc. has a 1-year low of $102.52 and a 1-year high of $138.18. The company has a current ratio of 1.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12.

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

EOG Resources Increases Dividend

The company also recently announced 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 of this dividend is Friday, October 17th. This is an increase from EOG Resources's previous quarterly dividend of $0.98. This represents a $4.08 dividend on an annualized basis and a yield of 3.4%. EOG Resources's dividend payout ratio is presently 37.90%.

EOG Resources Company 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.