EOG Resources (NYSE:EOG) Reaches New 1-Year High - Here's Why

Key Points

• EOG Resources shares reached a new 52-week high of $154.72, supported by strong financial results and improving analyst price targets. However, the analyst consensus remains “Hold,” with an average target of $159.80.
• The company exceeded quarterly expectations, reporting $5.07 in EPS and $8.62 billion in revenue; revenue increased 57.4% year over year.
• EOG declared a quarterly dividend of $1.02 per share, equivalent to an annualized $4.08 dividend and a 2.7% yield, while institutional investors own nearly 90% of the stock.

EOG Resources, Inc. (NYSE:EOG - Get Free Report) shares hit a new 52-week high on Wednesday. The stock traded as high as $154.72 and last traded at $154.5520, with a volume of 2,468 shares traded. The stock had previously closed at $153.17.

Analyst Ratings Changes

Several research firms recently commented on EOG. Freedom Capital downgraded shares of EOG Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Capital One Financial downgraded 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, August 26th. Raymond James Financial reiterated a "strong-buy" rating and issued a $186.00 price objective (up from $183.00) on shares of EOG Resources in a research note on Thursday, September 17th. Truist Financial raised their price target on shares of EOG Resources from $153.00 to $160.00 and gave the company a "hold" rating in a research report on Friday, October 2nd. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $185.00 price target on shares of EOG Resources in a research note on Saturday, October 3rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eighteen have given a Hold rating to the company's stock. According to MarketBeat.com, EOG Resources currently has a consensus rating of "Hold" and a consensus target price of $159.80.

EOG Resources Stock Up 0.2%

The business's 50 day moving average price is $144.79 and its 200-day moving average price is $140.10. The firm has a market capitalization of $80.54 billion, a PE ratio of 11.93, a P/E/G ratio of 0.55 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.68 and a current ratio of 1.85.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.97 by $0.10. The business had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.04 billion. EOG Resources had a net margin of 25.44% and a return on equity of 23.44%. The company's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.32 earnings per share. As a group, equities research analysts forecast that EOG Resources, Inc. will post 17.13 earnings per share for the current year.

EOG Resources Announces Dividend

The business 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 dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, October 16th. EOG Resources's dividend payout ratio (DPR) is currently 31.75%.

Insider Transactions at EOG Resources

In other news, EVP Michael P. Donaldson sold 7,336 shares of the firm's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $148.00, for a total value of $1,085,728.00. Following the completion of the sale, the executive vice president owned 100,558 shares in the company, valued at approximately $14,882,584. This trade represents a 6.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeffrey R. Leitzell sold 9,039 shares of the business's stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $140.61, for a total value of $1,270,973.79. Following the transaction, the chief operating officer owned 90,790 shares in the company, valued at $12,765,981.90. The trade was a 9.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 52,317 shares of company stock worth $7,823,480. Insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EOG. BlackRock Inc. acquired a new position in EOG Resources during the 2nd quarter worth approximately $5,905,587,000. Bank of New York Mellon Corp purchased a new position in EOG Resources in the 2nd quarter valued at about $654,899,000. Bank of America Corp DE acquired a new position in shares of EOG Resources in the second quarter worth about $551,321,000. Deutsche Bank AG purchased a new position in EOG Resources in the second quarter valued at about $251,102,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of EOG Resources in the 2nd quarter valued at approximately $168,029,000. 89.91% of the stock is owned by hedge funds and other institutional investors.

EOG Resources Company Profile

EOG Resources, Inc is an independent exploration and production company engaged in finding, developing, producing and marketing crude oil, natural gas liquids and natural gas. The company focuses on large-scale, onshore assets and applies drilling, completion and other technologies to develop unconventional oil and natural gas resources.

EOG's principal operations are located in the United States, including the Permian Basin in Texas and New Mexico, the Eagle Ford in South Texas and the Rocky Mountain region.

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