3,523,924 Shares in EOG Resources, Inc. (NYSE:EOG) Bought by Nuveen LLC

Key Points

• Nuveen LLC acquired a significant stake in EOG Resources, purchasing 3,523,924 shares valued at approximately $451.9 million, which is about 0.65% of the company's stock.
• EOG Resources announced an increase in its quarterly dividend to $1.02 per share, reflecting an annualized dividend of $4.08 and a dividend yield of 3.5%.
• In its latest earnings report, EOG Resources beat analysts' estimates with $2.32 EPS for the quarter, alongside a net margin of 25.25% despite a 9.1% year-over-year decline in revenue.

Nuveen LLC purchased a new position in EOG Resources, Inc. (NYSE:EOG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,523,924 shares of the energy exploration company's stock, valued at approximately $451,908,000. Nuveen LLC owned about 0.65% of EOG Resources at the end of the most recent reporting period.

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

Insider Activity at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of the stock in a transaction 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 completion of the sale, the chief operating officer owned 45,739 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 0.13% of the company's stock.

EOG Resources Trading Up 0.5%

NYSE:EOG traded up $0.60 during midday trading on Friday, hitting $120.39. The stock had a trading volume of 1,022,066 shares, compared to its average volume of 3,626,753. EOG Resources, Inc. has a one year low of $102.52 and a one year high of $138.18. The company has a market capitalization of $65.73 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 9.19 and a beta of 0.80. The stock has a 50-day moving average of $120.19 and a 200 day moving average of $119.56. 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 (NYSE:EOG - Get Free Report) last announced its earnings results on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.18. The business had revenue of $5.48 billion for the quarter, compared to analysts' expectations of $5.45 billion. EOG Resources had a return on equity of 20.51% and a net margin of 25.25%. The business's revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.16 EPS. As a group, sell-side analysts forecast that EOG Resources, Inc. will post 11.47 EPS for the current year.

EOG Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders 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 represents a $4.08 annualized dividend and a dividend yield of 3.4%. This is a boost from EOG Resources's previous quarterly dividend of $0.98. EOG Resources's dividend payout ratio (DPR) is currently 37.90%.

Wall Street Analyst Weigh In

Several research firms have issued reports on EOG. Royal Bank Of Canada cut their price target on EOG Resources from $145.00 to $140.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. UBS Group reaffirmed a "buy" rating and issued a $142.00 price objective (up previously from $140.00) on shares of EOG Resources in a research note on Tuesday. Stephens began coverage on EOG Resources in a research note on Tuesday, June 17th. They issued an "equal weight" rating and a $137.00 price objective for the company. Piper Sandler decreased their target price on EOG Resources from $138.00 to $136.00 and set a "neutral" rating on the stock in a research report on Thursday, July 17th. Finally, Raymond James Financial upped their price objective on EOG Resources from $158.00 to $161.00 and gave the company a "strong-buy" rating in a research report on Tuesday, July 22nd. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $140.71.

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.