Price T Rowe Associates Inc. MD Sells 968,542 Shares of EOG Resources, Inc. $EOG

Key Points

• Price T Rowe Associates Inc. MD has sold 968,542 shares of EOG Resources, Inc., reducing its stake by 10.8%, leaving them with approximately 7.98 million shares valued at over $1 billion.
• EOG Resources reported $2.32 earnings per share for the last quarter, exceeding analysts' expectations, alongside a revenue of $5.48 billion, though down 9.1% year-over-year.
• The company has increased its quarterly dividend to $1.02 per share, marking a rise from the previous dividend of $0.98, which represents a 3.4% yield.

Price T Rowe Associates Inc. MD decreased its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 10.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,981,745 shares of the energy exploration company's stock after selling 968,542 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.46% of EOG Resources worth $1,023,581,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in EOG Resources during the 1st quarter valued at approximately $26,000. Alpine Bank Wealth Management purchased a new stake in EOG Resources during the 1st quarter valued at about $34,000. Ameriflex Group Inc. bought a new stake in EOG Resources during the 4th quarter valued at about $36,000. 10Elms LLP purchased a new position in EOG Resources in the fourth quarter worth about $44,000. Finally, Stone House Investment Management LLC purchased a new position in EOG Resources in the first quarter worth about $48,000. 89.91% of the stock is currently owned by institutional investors.

EOG Resources Price Performance

NYSE EOG opened at $118.2880 on Friday. 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, Inc. has a 12 month low of $102.52 and a 12 month high of $138.18. The stock has a market cap of $64.58 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 9.04 and a beta of 0.80. The company's 50 day moving average is $120.27 and its two-hundred day moving average is $119.20.

EOG Resources (NYSE:EOG - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $5.45 billion. EOG Resources had a net margin of 25.25% and a return on equity of 20.51%. The company's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.16 earnings per share. As a group, research analysts anticipate that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

EOG Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be issued a dividend of $1.02 per share. This is a boost 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%. The ex-dividend date of this dividend is Friday, October 17th. EOG Resources's payout ratio is 39.65%.

Insider Activity at EOG Resources

In other news, COO Jeffrey R. Leitzell sold 3,951 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $119.65, for a total value of $472,737.15. Following the completion of the transaction, the chief operating officer owned 45,739 shares of the company's stock, valued at $5,472,671.35. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.13% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Mizuho reduced their price target on shares of EOG Resources from $140.00 to $134.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Melius Research started coverage on shares of EOG Resources in a research report on Wednesday. They issued a "buy" rating and a $173.00 target price for the company. Wells Fargo & Company reissued an "overweight" rating on shares of EOG Resources in a report on Sunday, June 22nd. Melius started coverage on EOG Resources in a report on Wednesday. They issued a "buy" rating and a $173.00 price objective for the company. Finally, Raymond James Financial increased their target price on EOG Resources from $158.00 to $161.00 and gave the company a "strong-buy" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $143.61.

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.

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