EOG Resources (NYSE:EOG) Issues Earnings Results, Beats Expectations By $0.10 EPS

EOG Resources (NYSE:EOG) posted its quarterly earnings results on Tuesday. The energy exploration company reported $5.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.10, Zacks reports. The firm had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.04 billion. EOG Resources had a net margin of 23.01% and a return on equity of 19.25%. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.32 earnings per share.

EOG Resources Trading Down 5.7%

EOG Resources stock traded down $8.18 during midday trading on Wednesday, hitting $135.34. 2,390,539 shares of the stock were exchanged, compared to its average volume of 4,373,858. The stock has a market capitalization of $72.09 billion, a PE ratio of 13.32 and a beta of 0.25. The company has a fifty day simple moving average of $137.17 and a two-hundred day simple moving average of $131.95. The company has a quick ratio of 1.53, a current ratio of 1.72 and a debt-to-equity ratio of 0.26. EOG Resources has a 52 week low of $101.59 and a 52 week high of $151.87.

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 given a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, October 16th. EOG Resources’s dividend payout ratio (DPR) is currently 40.16%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EOG. Sivia Capital Partners LLC bought a new position in EOG Resources during the second quarter worth about $258,000. Quantbot Technologies LP acquired a new stake in EOG Resources during the second quarter worth about $349,000. Gamco Investors INC. ET AL lifted its holdings in shares of EOG Resources by 216.1% during the 2nd quarter. Gamco Investors INC. ET AL now owns 6,560 shares of the energy exploration company’s stock worth $785,000 after acquiring an additional 4,485 shares during the period. NewEdge Advisors LLC increased its stake in EOG Resources by 2.0% in the second quarter. NewEdge Advisors LLC now owns 22,780 shares of the energy exploration company’s stock valued at $2,725,000 after acquiring an additional 444 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of EOG Resources by 4.4% in the 2nd quarter. Sei Investments Co. now owns 362,446 shares of the energy exploration company’s stock valued at $43,356,000 after purchasing an additional 15,250 shares during the last quarter. 89.91% of the stock is currently owned by institutional investors.

Key EOG Resources News

Here are the key news stories impacting EOG Resources this week:

• Positive Sentiment: Quarterly earnings and revenue exceeded expectations. EOG reported adjusted earnings of $5.07 per share versus the $4.97 consensus estimate, while revenue reached $8.62 billion compared with expectations of $8.04 billion. Revenue increased 57.4% year over year. Reuters: US shale producer EOG Resources beats quarterly profit estimates on higher crude prices
• Positive Sentiment: Higher oil prices and production drove a sharp profit increase. Net income more than doubled to approximately $2.72 billion, or $5.15 per diluted share, from $1.35 billion, or $2.46 per share, a year earlier. Total crude-oil-equivalent production rose 24% to 1.41 million barrels of oil equivalent per day. EOG Resources Doubles Q2 Profit as Oil Prices and Production Rise
• Positive Sentiment: The dividend supports shareholder returns. EOG declared a quarterly dividend of $1.02 per share, equivalent to $4.08 annually and an indicated yield of roughly 3%. Investors of record on October 16 will receive the payment on October 30.
• Neutral Sentiment: Cash generation and the balance sheet remain solid. Operating cash flow was $4.67 billion, and cash and equivalents totaled $4.91 billion at June 30. Analysts currently maintain a broadly favorable “Moderate Buy” view, but the stock has already delivered substantial recent gains, raising the possibility of profit-taking.
• Negative Sentiment: Results remain dependent on oil prices. The earnings improvement was helped by stronger crude prices, so a pullback in energy markets could pressure future profit growth. In addition, reported insider activity showed eight sales and no purchases over the past six months, a potentially cautious signal, although insider transactions do not necessarily indicate a change in company fundamentals.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on EOG shares. UBS Group decreased their target price on EOG Resources from $168.00 to $158.00 and set a “buy” rating on the stock in a report on Thursday, July 2nd. Williams Trading set a $177.00 price target on shares of EOG Resources in a research report on Monday, April 20th. Weiss Ratings upgraded EOG Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Royal Bank Of Canada boosted their price objective on shares of EOG Resources from $138.00 to $175.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of EOG Resources from $148.00 to $142.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.57.

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.