Principal Financial Group Inc. Reduces Stock Holdings in EOG Resources, Inc. $EOG

Key Points

• Principal Financial Group slightly trimmed its EOG Resources stake in the first quarter, selling 10,792 shares and lowering its position by 0.6% to 1.8 million shares valued at about $260.4 million.
• EOG Resources beat earnings and revenue expectations in its latest quarterly report, posting $3.41 EPS versus $3.23 expected and $6.92 billion in revenue versus $6.18 billion expected, with revenue up 22.1% year over year.
• The company also announced a quarterly dividend of $1.02 per share, implying an annualized payout of $4.08 and a dividend yield of 3.0%; analysts currently rate the stock a Moderate Buy with an average price target of $155.04.

Principal Financial Group Inc. lowered its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,801,489 shares of the energy exploration company's stock after selling 10,792 shares during the period. Principal Financial Group Inc. owned 0.34% of EOG Resources worth $260,441,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EOG. Sivia Capital Partners LLC purchased a new position in shares of EOG Resources during the second quarter valued at about $258,000. Quantbot Technologies LP purchased a new stake in EOG Resources in the second quarter worth about $349,000. Gamco Investors INC. ET AL lifted its holdings in EOG Resources by 216.1% in the second quarter. Gamco Investors INC. ET AL now owns 6,560 shares of the energy exploration company's stock worth $785,000 after buying an additional 4,485 shares during the period. NewEdge Advisors LLC boosted its position in EOG Resources by 2.0% during the 2nd quarter. NewEdge Advisors LLC now owns 22,780 shares of the energy exploration company's stock valued at $2,725,000 after acquiring an additional 444 shares in the last quarter. Finally, Sei Investments Co. boosted its position in EOG Resources by 4.4% during the 2nd quarter. Sei Investments Co. now owns 362,446 shares of the energy exploration company's stock valued at $43,356,000 after acquiring an additional 15,250 shares in the last quarter. 89.91% of the stock is owned by hedge funds and other institutional investors.

EOG Resources Stock Performance

Shares of EOG opened at $138.10 on Wednesday. The company has a quick ratio of 1.53, a current ratio of 1.72 and a debt-to-equity ratio of 0.26. The business's 50 day moving average price is $135.51 and its 200-day moving average price is $127.99. EOG Resources, Inc. has a 52 week low of $101.59 and a 52 week high of $151.87. The stock has a market cap of $73.56 billion, a P/E ratio of 13.59 and a beta of 0.25.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The energy exploration company reported $3.41 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.18. EOG Resources had a return on equity of 19.25% and a net margin of 23.01%.The company had revenue of $6.92 billion for the quarter, compared to the consensus estimate of $6.18 billion. During the same quarter in the prior year, the business posted $2.87 EPS. The firm's quarterly revenue was up 22.1% compared to the same quarter last year. Equities research analysts anticipate that EOG Resources, Inc. will post 16.18 earnings per share for the current fiscal year.

EOG Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, July 17th. EOG Resources's dividend payout ratio is currently 40.16%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Royal Bank Of Canada increased their target price on EOG Resources from $138.00 to $175.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 8th. Zacks Research lowered EOG Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Capital One Financial reduced their price target on EOG Resources from $161.00 to $159.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 3rd. Susquehanna increased their price objective on EOG Resources from $144.00 to $162.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. Finally, Roth Capital reissued a "neutral" rating and set a $136.00 price objective on shares of EOG Resources in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and sixteen have assigned a Hold rating to the company. Based on data from MarketBeat, EOG Resources has an average rating of "Moderate Buy" and an average price target of $155.04.

About EOG Resources

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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