Pinnacle Associates Ltd. Trims Stake in EOG Resources, Inc. (NYSE:EOG)

Pinnacle Associates Ltd. trimmed its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 6.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,027 shares of the energy exploration company's stock after selling 2,495 shares during the period. Pinnacle Associates Ltd.'s holdings in EOG Resources were worth $4,364,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of EOG. Capital World Investors increased its stake in EOG Resources by 5.2% in the 4th quarter. Capital World Investors now owns 45,919,327 shares of the energy exploration company's stock worth $5,628,497,000 after buying an additional 2,270,013 shares in the last quarter. Geode Capital Management LLC increased its stake in EOG Resources by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 12,549,802 shares of the energy exploration company's stock worth $1,541,282,000 after buying an additional 234,067 shares in the last quarter. Northern Trust Corp increased its stake in EOG Resources by 2.9% in the 4th quarter. Northern Trust Corp now owns 5,719,012 shares of the energy exploration company's stock worth $701,036,000 after buying an additional 159,216 shares in the last quarter. Alliancebernstein L.P. increased its stake in EOG Resources by 6.9% in the 4th quarter. Alliancebernstein L.P. now owns 5,686,003 shares of the energy exploration company's stock worth $696,990,000 after buying an additional 365,115 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in EOG Resources by 1.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,530,260 shares of the energy exploration company's stock worth $709,201,000 after buying an additional 60,454 shares in the last quarter. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

EOG Resources Stock Down 0.6%

Shares of NYSE EOG opened at $118.38 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.87 and a quick ratio of 1.71. The company has a market cap of $64.61 billion, a P/E ratio of 10.98, a PEG ratio of 9.15 and a beta of 0.76. EOG Resources, Inc. has a 1 year low of $102.52 and a 1 year high of $138.18. The firm has a 50-day simple moving average of $118.08 and a two-hundred day simple moving average of $121.04.

EOG Resources (NYSE:EOG - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The energy exploration company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.12. The business had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $5.92 billion. EOG Resources had a net margin of 26.14% and a return on equity of 22.35%. The firm's quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.82 earnings per share. Research analysts anticipate that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

EOG Resources Increases Dividend

The company also recently disclosed 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 of this dividend is Friday, October 17th. This represents a $4.08 annualized dividend and a yield of 3.45%. This is an increase from EOG Resources's previous quarterly dividend of $0.98. EOG Resources's dividend payout ratio (DPR) is presently 36.18%.

Insider Transactions at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of EOG Resources stock in a transaction that occurred on Monday, June 30th. The shares were 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 of the company's stock, valued at approximately $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 SEC, which is accessible through this link. 0.13% of the stock is currently owned by insiders.

Analysts Set New Price Targets

EOG has been the subject of a number of analyst reports. Wells Fargo & Company reiterated an "overweight" rating on shares of EOG Resources in a research note on Sunday, June 22nd. Piper Sandler cut their price objective on EOG Resources from $138.00 to $136.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. Stephens assumed coverage on EOG Resources in a research report on Tuesday, June 17th. They set an "equal weight" rating and a $137.00 price objective for the company. Barclays raised their price objective on EOG Resources from $137.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, June 2nd. Finally, Morgan Stanley set a $135.00 price objective on EOG Resources and gave the company an "equal weight" rating in a research report on Monday, June 2nd. 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 company. According to MarketBeat, EOG Resources has a consensus rating of "Moderate Buy" and a consensus price target of $140.62.

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.

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