EOG Resources (NYSE:EOG) Trading Down 4.3% - Here's What Happened

Key Points

• EOG Resources shares fell 4.3% to about $147.19 in midday trading, with volume roughly 91% below its average. The stock’s consensus analyst rating is “Hold,” with an average price target of $158.
• EOG reported quarterly earnings of $5.07 per share, beating estimates, while revenue reached $8.62 billion—up 57.4% year over year. Analysts expect full-year earnings of approximately $16.75 per share.
• The company declared a quarterly dividend of $1.02 per share, equivalent to an annualized $4.08 dividend and a 2.8% yield. Recent insider activity was negative, with the CEO and an executive vice president selling shares.

Shares of EOG Resources, Inc. (NYSE:EOG - Get Free Report) were down 4.3% during mid-day trading on Wednesday . The company traded as low as $147.50 and last traded at $147.1940. Approximately 375,505 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 4,139,958 shares. The stock had previously closed at $153.74.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EOG. Susquehanna reiterated a "positive" rating and set a $170.00 price objective (up from $166.00) on shares of EOG Resources in a research report on Tuesday, July 21st. Freedom Capital downgraded EOG Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Capital One Financial lowered shares of EOG Resources from an "overweight" rating to an "equal weight" rating and set a $153.00 price target for the company. in a research report on Wednesday, August 26th. Roth Capital reiterated a "neutral" rating and issued a $138.00 price objective on shares of EOG Resources in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $151.00 target price (up from $127.00) on shares of EOG Resources in a research report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eighteen have issued a Hold rating to the stock. According to data from MarketBeat.com, EOG Resources has a consensus rating of "Hold" and a consensus price target of $158.00.

EOG Resources Stock Down 5.6%

The company has a quick ratio of 1.68, a current ratio of 1.85 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $143.86 and a 200-day simple moving average of $138.60. The firm has a market cap of $76.13 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 0.55 and a beta of 0.26.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $8.62 billion for the quarter, compared to the consensus estimate of $8.04 billion. EOG Resources had a return on equity of 23.44% and a net margin of 25.44%.The business's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.32 earnings per share. On average, equities analysts anticipate that EOG Resources, Inc. will post 16.75 earnings per share for the current year.

EOG Resources Dividend Announcement

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

Insider Buying and Selling

In other EOG Resources news, CEO Ezra Yacob sold 35,942 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $152.10, for a total value of $5,466,778.20. Following the completion of the transaction, the chief executive officer directly owned 242,451 shares in the company, valued at $36,876,797.10. This represents a 12.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Donaldson sold 7,336 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $148.00, for a total transaction of $1,085,728.00. Following the completion of the sale, the executive vice president directly owned 100,558 shares of the company's stock, valued at approximately $14,882,584. This trade represents a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On EOG Resources

A number of hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC raised its holdings in shares of EOG Resources by 14.8% in the second quarter. Sequoia Financial Advisors LLC now owns 26,193 shares of the energy exploration company's stock worth $3,398,000 after buying an additional 3,373 shares during the last quarter. National Pension Service grew its holdings in shares of EOG Resources by 0.5% during the second quarter. National Pension Service now owns 1,956,669 shares of the energy exploration company's stock valued at $253,839,000 after buying an additional 9,738 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of EOG Resources in the 2nd quarter valued at $587,000. Engineers Gate Manager LP acquired a new position in shares of EOG Resources in the 2nd quarter valued at $1,300,000. Finally, Cidel Asset Management Inc. raised its stake in EOG Resources by 3.6% in the 2nd quarter. Cidel Asset Management Inc. now owns 8,089 shares of the energy exploration company's stock worth $1,049,000 after acquiring an additional 282 shares during the last quarter. Institutional investors own 89.91% of the company's stock.

EOG Resources Company Profile

EOG Resources, Inc is an independent exploration and production company focused on finding, developing and producing crude oil, natural gas and natural gas liquids. Its operations are concentrated primarily in the United States, with a portfolio of onshore assets in several major producing regions.

The company's principal U.S. positions include the Delaware Basin and other areas of the Permian Basin, the Eagle Ford and Dorado plays in South Texas, and the Rocky Mountain region. EOG also has international operations in Trinidad and Tobago, where it produces natural gas and supports related energy development.

EOG traces its history to Enron Oil & Gas Company, which was established in 1990.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.