Primecap Management Co. CA Sells 32,680 Shares of EOG Resources, Inc. (NYSE:EOG)

Key Points

• Primecap Management Co. CA has reduced its stake in EOG Resources by 1.3%, now holding approximately 2.54 million shares, valued at about $326 million.
• EOG Resources has recently increased its quarterly dividend to $1.02 per share, up from $0.98, representing an annual yield of 3.5%.
• Institutional investors now own around 89.91% of EOG Resources' stock, indicating strong institutional interest in the company.

Primecap Management Co. CA lowered its position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,543,062 shares of the energy exploration company's stock after selling 32,680 shares during the quarter. Primecap Management Co. CA owned about 0.47% of EOG Resources worth $326,122,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new stake in EOG Resources in the first quarter worth about $26,000. Alpine Bank Wealth Management acquired a new stake in shares of EOG Resources in the 1st quarter worth approximately $34,000. Ameriflex Group Inc. acquired a new stake in shares of EOG Resources in the 4th quarter worth approximately $36,000. 10Elms LLP bought a new position in shares of EOG Resources in the fourth quarter valued at approximately $44,000. Finally, Hanson & Doremus Investment Management acquired a new position in shares of EOG Resources during the first quarter valued at approximately $51,000. 89.91% of the stock is owned by institutional investors and hedge funds.

EOG Resources Stock Performance

EOG traded down $1.02 during midday trading on Friday, reaching $114.95. The company's stock had a trading volume of 401,957 shares, compared to its average volume of 3,641,653. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $119.48 and a 200 day simple moving average of $120.09. The stock has a market cap of $62.74 billion, a P/E ratio of 10.68, a PEG ratio of 8.93 and a beta of 0.80. EOG Resources, Inc. has a twelve month low of $102.52 and a twelve month high of $138.18.

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 the consensus estimate of $2.14 by $0.18. EOG Resources had a net margin of 26.14% and a return on equity of 22.35%. The business had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter last year, the company posted $3.16 earnings per share. EOG Resources's quarterly revenue was down 9.1% on a year-over-year basis. Research analysts expect 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. Investors of record on Friday, October 17th will be paid a $1.02 dividend. The ex-dividend date is Friday, October 17th. This is a boost from EOG Resources's previous quarterly dividend of $0.98. This represents a $4.08 annualized dividend and a dividend yield of 3.5%. EOG Resources's dividend payout ratio is 36.18%.

Insider Buying and Selling at EOG Resources

In other EOG Resources news, COO Jeffrey R. Leitzell sold 3,951 shares of the company's stock in a transaction that occurred on 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.13% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on EOG. Wells Fargo & Company reiterated an "overweight" rating on shares of EOG Resources in a research report on Sunday, June 22nd. Susquehanna raised their price objective on shares of EOG Resources from $156.00 to $170.00 and gave the company a "positive" rating in a research report on Wednesday, July 23rd. Morgan Stanley set a $135.00 price objective on shares of EOG Resources and gave the stock an "equal weight" rating in a research note on Monday, June 2nd. Bank of America cut their price objective on EOG Resources from $125.00 to $124.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, KeyCorp reduced their target price on EOG Resources from $150.00 to $140.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Twelve 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, EOG Resources presently has an average rating of "Moderate Buy" and an average price target of $140.62.

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.