NewEdge Wealth LLC Decreases Stock Position in EOG Resources, Inc. $EOG

Key Points

• NewEdge Wealth reduced its EOG Resources stake by 25.2% in the second quarter, selling 99,853 shares and retaining 296,070 shares valued at approximately $38.4 million.
• EOG reported quarterly earnings of $5.07 per share and revenue of $8.62 billion, exceeding analyst expectations; revenue rose 57.4% year over year.
• The company declared a quarterly dividend of $1.02 per share, equivalent to a 2.7% annualized yield. Analysts maintain a consensus “Hold” rating with a $155.41 price target, while institutions own 89.91% of the stock.

NewEdge Wealth LLC lessened its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 25.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 296,070 shares of the energy exploration company's stock after selling 99,853 shares during the period. NewEdge Wealth LLC owned about 0.06% of EOG Resources worth $38,409,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in EOG Resources by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 53,815,556 shares of the energy exploration company's stock worth $5,651,172,000 after acquiring an additional 446,341 shares during the last quarter. BlackRock Inc. bought a new stake in EOG Resources in the second quarter valued at approximately $5,905,587,000. State Street Corp lifted its position in EOG Resources by 0.3% in the fourth quarter. State Street Corp now owns 30,562,470 shares of the energy exploration company's stock valued at $3,209,365,000 after purchasing an additional 100,080 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of EOG Resources by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,988,840 shares of the energy exploration company's stock valued at $2,099,028,000 after purchasing an additional 371,548 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of EOG Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 13,046,709 shares of the energy exploration company's stock valued at $1,364,309,000 after purchasing an additional 95,260 shares during the period. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

EOG Resources Price Performance

Shares of EOG stock opened at $149.54 on Thursday. The firm has a market cap of $78.44 billion, a P/E ratio of 11.64 and a beta of 0.25. EOG Resources, Inc. has a fifty-two week low of $101.59 and a fifty-two week high of $151.87. The business's 50 day moving average price is $138.10 and its 200-day moving average price is $134.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.68 and a current ratio of 1.85.

EOG Resources (NYSE:EOG - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.10. The company had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.04 billion. EOG Resources had a return on equity of 23.44% and a net margin of 25.44%.The firm's revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.32 earnings per share. On average, equities research analysts anticipate that EOG Resources, Inc. will post 16.43 earnings per share for the current year.

EOG Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 16th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, October 16th. EOG Resources's payout ratio is presently 31.75%.

Analyst Ratings Changes

Several brokerages have recently issued reports on EOG. Freedom Capital cut shares of EOG Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 5th. Sanford C. Bernstein lowered their price target on shares of EOG Resources from $167.00 to $155.00 and set a "market perform" rating for the company in a report on Wednesday, May 20th. Roth Capital reissued a "neutral" rating and set a $138.00 price target on shares of EOG Resources in a research report on Wednesday, August 5th. Citigroup cut their price target on shares of EOG Resources from $147.00 to $141.00 and set a "neutral" rating on the stock in a report on Wednesday, July 8th. Finally, Scotiabank boosted their price objective on shares of EOG Resources from $123.00 to $139.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seventeen have issued a Hold rating to the company. Based on data from MarketBeat, EOG Resources presently has a consensus rating of "Hold" and a consensus price target of $155.41.

EOG Resources Company 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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