Morgan Stanley Cuts EOG Resources (NYSE:EOG) Price Target to $136.00

Key Points

• Morgan Stanley has reduced its price target on EOG Resources from $141.00 to $136.00, maintaining an "equal weight" rating, suggesting a potential upside of 23.55% from the stock's previous close.
• Other analysts have varied opinions on EOG Resources, with price targets ranging from $136.00 to $173.00, showcasing a mix of ratings including strong buys, buys, and holds.
• The company's recent quarterly earnings report showed a profit of $2.32 per share, exceeding expectations, although revenue declined by 9.1% year-over-year.

EOG Resources (NYSE:EOG - Get Free Report) had its price objective cut by analysts at Morgan Stanley from $141.00 to $136.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the energy exploration company's stock. Morgan Stanley's price target indicates a potential upside of 23.55% from the company's previous close.

Several other equities research analysts also recently weighed in on EOG. Melius started coverage on EOG Resources in a report on Wednesday, August 20th. They set a "buy" rating and a $173.00 price target on the stock. Piper Sandler dropped their price objective on EOG Resources from $138.00 to $136.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Wolfe Research dropped their price objective on EOG Resources from $139.00 to $138.00 and set an "outperform" rating on the stock in a report on Wednesday, October 1st. Jefferies Financial Group set a $145.00 price objective on EOG Resources in a report on Sunday. Finally, Royal Bank Of Canada increased their price objective on EOG Resources from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, EOG Resources currently has an average rating of "Hold" and an average target price of $143.35.

EOG Resources Stock Up 0.3%

NYSE EOG traded up $0.36 during trading hours on Tuesday, hitting $110.08. 1,023,368 shares of the company were exchanged, compared to its average volume of 3,551,908. The company has a 50 day moving average of $117.28 and a two-hundred day moving average of $116.45. The company has a quick ratio of 1.61, a current ratio of 1.79 and a debt-to-equity ratio of 0.12. EOG Resources has a 52-week low of $102.52 and a 52-week high of $138.18. The firm has a market cap of $60.10 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 8.36 and a beta of 0.74.

EOG Resources (NYSE:EOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy exploration company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.18. EOG Resources had a return on equity of 20.51% and a net margin of 25.25%.The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the prior year, the business earned $3.16 EPS. EOG Resources's revenue was down 9.1% on a year-over-year basis. Equities research analysts anticipate that EOG Resources will post 11.47 earnings per share for the current year.

Institutional Trading of EOG Resources

A number of large investors have recently made changes to their positions in the company. Nuveen LLC purchased a new position in shares of EOG Resources during the 1st quarter worth approximately $451,908,000. First Trust Advisors LP raised its stake in shares of EOG Resources by 64.1% during the 2nd quarter. First Trust Advisors LP now owns 3,728,128 shares of the energy exploration company's stock worth $445,921,000 after buying an additional 1,456,928 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of EOG Resources by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 19,380,866 shares of the energy exploration company's stock worth $2,485,402,000 after buying an additional 1,188,552 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of EOG Resources by 282.3% during the 2nd quarter. Prudential Financial Inc. now owns 1,546,058 shares of the energy exploration company's stock worth $184,924,000 after buying an additional 1,141,680 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of EOG Resources during the 1st quarter worth approximately $81,752,000. 89.91% of the stock is owned by institutional investors and hedge funds.

About EOG Resources

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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