The Manufacturers Life Insurance Company Sells 30,345 Shares of EOG Resources, Inc. $EOG

Key Points

• The Manufacturers Life Insurance Company cut its EOG Resources stake by 7.3%, selling 30,345 shares and retaining 386,624 shares valued at about $50.2 million. Institutional investors collectively own 89.91% of EOG.
• EOG reported strong quarterly results, with earnings of $5.07 per share and revenue of $8.62 billion, surpassing estimates and increasing revenue 57.4% year over year.
• EOG declared a quarterly dividend of $1.02 per share, equivalent to an annualized $4.08 and a 2.8% yield. Analysts have a consensus “Hold” rating and an average price target of $156.

The Manufacturers Life Insurance Company decreased its position in shares of EOG Resources, Inc. (NYSE:EOG - Free Report) by 7.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 386,624 shares of the energy exploration company's stock after selling 30,345 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of EOG Resources worth $50,157,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its position in shares of EOG Resources by 5.4% during the second quarter. Jones Financial Companies Lllp now owns 404,859 shares of the energy exploration company's stock valued at $53,679,000 after purchasing an additional 20,704 shares in the last quarter. Park Place Capital Corp raised its holdings in EOG Resources by 26.8% in the second quarter. Park Place Capital Corp now owns 10,421 shares of the energy exploration company's stock worth $1,352,000 after purchasing an additional 2,205 shares in the last quarter. Fiduciary Financial Advisors bought a new position in EOG Resources in the second quarter worth $66,000. Aberdeen Wealth Management LLC purchased a new position in EOG Resources during the second quarter valued at $61,000. Finally, Asset One Wealth Management LLC lifted its position in EOG Resources by 6.9% during the second quarter. Asset One Wealth Management LLC now owns 27,483 shares of the energy exploration company's stock valued at $3,778,000 after buying an additional 1,778 shares during the period. Institutional investors own 89.91% of the company's stock.

Insider Buying and Selling

In related news, CEO Ezra Y. Yacob sold 35,942 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $152.10, for a total transaction of $5,466,778.20. Following the sale, the chief executive officer directly owned 242,451 shares of the company's stock, valued at approximately $36,876,797.10. This represents a 12.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.14% of the company's stock.

EOG Resources Trading Down 1.3%

EOG Resources stock opened at $144.95 on Thursday. The company has a current ratio of 1.85, a quick ratio of 1.68 and a debt-to-equity ratio of 0.25. The business's fifty day simple moving average is $139.64 and its two-hundred day simple moving average is $135.92. EOG Resources, Inc. has a 12 month low of $101.59 and a 12 month high of $153.67. The company has a market capitalization of $76.03 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 0.54 and a beta of 0.25.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.10. EOG Resources had a return on equity of 23.44% and a net margin of 25.44%.The firm had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.04 billion. During the same period last year, the company earned $2.32 earnings per share. The company's revenue was up 57.4% on a year-over-year basis. As a group, equities analysts predict that EOG Resources, Inc. will post 16.87 earnings per share for the current fiscal year.

EOG Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be paid a $1.02 dividend. The ex-dividend date is Friday, October 16th. This represents a $4.08 dividend on an annualized basis and a yield of 2.8%. EOG Resources's payout ratio is presently 31.75%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on EOG. Capital One Financial downgraded shares of EOG Resources from an "overweight" rating to an "equal weight" rating and set a $153.00 target price on the stock. in a research report on Wednesday. The Goldman Sachs Group reissued a "neutral" rating and set a $151.00 price target (up from $127.00) on shares of EOG Resources in a research report on Monday. Mizuho set a $157.00 price objective on shares of EOG Resources and gave the stock a "neutral" rating in a research note on Wednesday, May 27th. Susquehanna reissued 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. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of EOG Resources in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seventeen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $156.00.

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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