The Manufacturers Life Insurance Company Cuts Position in EOG Resources, Inc. $EOG

Key Points

• The Manufacturers Life Insurance Company reduced its EOG Resources stake by 3.2%, selling 13,643 shares and retaining 416,969 shares valued at approximately $60.3 million. Institutional investors collectively own 89.91% of the company.
• EOG shares were trading at $145.89 after rising 4.5%; the company recently exceeded quarterly earnings and revenue expectations, reporting $3.41 in EPS and $6.92 billion in revenue.
• EOG declared a quarterly dividend of $1.02 per share, equating to an annualized $4.08 payout and a 2.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $155.32.

The Manufacturers Life Insurance Company trimmed its stake in EOG Resources, Inc. (NYSE:EOG - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 416,969 shares of the energy exploration company's stock after selling 13,643 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of EOG Resources worth $60,283,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. SJS Investment Consulting Inc. raised its holdings in EOG Resources by 225.5% in the first quarter. SJS Investment Consulting Inc. now owns 179 shares of the energy exploration company's stock worth $26,000 after purchasing an additional 124 shares in the last quarter. Financial Life Planners purchased a new stake in shares of EOG Resources during the first quarter valued at about $30,000. Acumen Wealth Advisors LLC bought a new stake in shares of EOG Resources in the 4th quarter valued at about $25,000. Prosperity Bancshares Inc bought a new stake in shares of EOG Resources in the 4th quarter valued at about $26,000. Finally, Global Assets Advisory LLC purchased a new position in shares of EOG Resources in the 1st quarter worth approximately $37,000. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

EOG Resources Trading Up 4.5%

NYSE:EOG opened at $145.89 on Thursday. The company has a market capitalization of $77.70 billion, a P/E ratio of 14.36 and a beta of 0.25. The company has a current ratio of 1.72, a quick ratio of 1.53 and a debt-to-equity ratio of 0.26. EOG Resources, Inc. has a 12 month low of $101.59 and a 12 month high of $151.87. The firm has a fifty day simple moving average of $136.69 and a 200-day simple moving average of $130.87.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The energy exploration company reported $3.41 EPS for the quarter, topping analysts' consensus estimates of $3.23 by $0.18. The company had revenue of $6.92 billion during the quarter, compared to analysts' expectations of $6.18 billion. EOG Resources had a return on equity of 19.25% and a net margin of 23.01%.The firm's revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.87 EPS. On average, equities research analysts anticipate that EOG Resources, Inc. will post 16.16 earnings per share for the current year.

EOG Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a $1.02 dividend. The ex-dividend date is Friday, July 17th. This represents a $4.08 dividend on an annualized basis and a yield of 2.8%. EOG Resources's dividend payout ratio is currently 40.16%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Susquehanna reiterated a "positive" rating and set a $170.00 price objective (up from $166.00) on shares of EOG Resources in a research note on Tuesday, July 21st. Piper Sandler raised their target price on shares of EOG Resources from $144.00 to $147.00 and gave the company a "neutral" rating in a research note on Wednesday, April 1st. Wells Fargo & Company set a $196.00 price target on shares of EOG Resources and gave the stock an "overweight" rating in a report on Wednesday, May 13th. Morgan Stanley decreased their price objective on EOG Resources from $160.00 to $156.00 and set an "equal weight" rating for the company in a report on Friday, June 26th. Finally, Citigroup lowered their price objective on EOG Resources from $147.00 to $141.00 and set a "neutral" rating for the company in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat, EOG Resources currently has a consensus rating of "Moderate Buy" and an average price target of $155.32.

EOG Resources Company Profile

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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