Mitsubishi UFJ Asset Management Co. Ltd. Buys 109,674 Shares of EOG Resources, Inc. (NYSE:EOG)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in EOG Resources, Inc. by 11.9%, acquiring an additional 109,674 shares in the first quarter, bringing its total to approximately 1,031,216 shares.
• The company declared a quarterly dividend of $1.02 per share, which is an increase from the previous $0.98, reflecting a dividend yield of 3.5%.
• Analysts have set a consensus price target of $140.62 for EOG Resources, with multiple firms issuing ratings ranging from "buy" to "hold."

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 11.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,031,216 shares of the energy exploration company's stock after acquiring an additional 109,674 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of EOG Resources worth $132,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Banque Cantonale Vaudoise purchased a new position in shares of EOG Resources during the 1st quarter worth $26,000. Alpine Bank Wealth Management purchased a new position in shares of EOG Resources during the 1st quarter worth $34,000. Ameriflex Group Inc. purchased a new position in shares of EOG Resources during the 4th quarter valued at $36,000. 10Elms LLP purchased a new position in shares of EOG Resources during the 4th quarter valued at $44,000. Finally, Hanson & Doremus Investment Management purchased a new position in shares of EOG Resources during the 1st quarter valued at $51,000. Hedge funds and other institutional investors own 89.91% of the company's stock.

EOG Resources Trading Up 0.1%

NYSE:EOG traded up $0.12 during mid-day trading on Friday, hitting $116.09. 3,969,060 shares of the stock traded hands, compared to its average volume of 2,984,186. The stock has a market capitalization of $63.36 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 8.90 and a beta of 0.80. EOG Resources, Inc. has a 52 week low of $102.52 and a 52 week high of $138.18. The firm's 50 day moving average is $119.63 and its two-hundred day moving average is $119.85. The company has a quick ratio of 1.71, a current ratio of 1.87 and a debt-to-equity ratio of 0.12.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy exploration company reported $2.32 EPS for the quarter, beating the consensus estimate of $2.14 by $0.18. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.45 billion. EOG Resources had a net margin of 25.25% and a return on equity of 20.46%. The firm's revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.16 EPS. On average, equities research analysts predict that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

EOG Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be paid a $1.02 dividend. The ex-dividend date is Friday, October 17th. This represents a $4.08 dividend on an annualized basis and a yield of 3.5%. This is an increase from EOG Resources's previous quarterly dividend of $0.98. EOG Resources's payout ratio is currently 39.65%.

Analyst Ratings Changes

EOG has been the topic of a number of analyst reports. Barclays lifted their target price 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. Scotiabank upgraded shares of EOG Resources from a "sector perform" rating to a "sector outperform" rating and lowered their target price for the company from $150.00 to $130.00 in a research note on Friday, April 11th. Susquehanna lifted their target price on shares of EOG Resources from $156.00 to $170.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. UBS Group restated a "buy" rating and set a $140.00 target price (up previously from $135.00) on shares of EOG Resources in a research note on Tuesday, June 3rd. Finally, Stephens initiated coverage on shares of EOG Resources in a research note on Tuesday, June 17th. They set an "equal weight" rating and a $137.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $140.62.

Insider Buying and Selling

In other EOG Resources news, COO Jeffrey R. Leitzell sold 3,951 shares of the company'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 in the company, valued at $5,472,671.35. This represents a 7.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.13% of the stock is owned by corporate insiders.

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.