EOG Resources (NYSE:EOG) Hits New 1-Year High – Here’s Why

EOG Resources, Inc. (NYSE:EOG)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $141.13 and last traded at $141.0030, with a volume of 2695933 shares traded. The stock had previously closed at $138.73.

Analysts Set New Price Targets

EOG has been the subject of several analyst reports. Truist Financial began coverage on shares of EOG Resources in a report on Tuesday. They issued a “hold” rating and a $146.00 target price for the company. Morgan Stanley set a $128.00 target price on EOG Resources and gave the company an “equal weight” rating in a research report on Friday, January 23rd. BMO Capital Markets lifted their price target on EOG Resources from $120.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Citigroup reiterated a “neutral” rating and set a $115.00 price objective (down from $125.00) on shares of EOG Resources in a research report on Wednesday, December 17th. Finally, Wolfe Research increased their price target on EOG Resources from $140.00 to $152.00 in a report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eighteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $138.52.

EOG Resources Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.42 and a current ratio of 1.63. The stock’s 50 day simple moving average is $121.01 and its 200-day simple moving average is $113.22. The firm has a market cap of $76.85 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 3.78 and a beta of 0.44.

EOG Resources (NYSE:EOG) last posted its quarterly earnings results on Tuesday, February 24th. The energy exploration company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.20 by $0.07. The company had revenue of $5.64 billion for the quarter, compared to analyst estimates of $5.36 billion. EOG Resources had a net margin of 22.00% and a return on equity of 18.67%. The firm’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $2.74 earnings per share. Equities research analysts anticipate that EOG Resources, Inc. will post 11.47 EPS for the current fiscal year.

EOG Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Thursday, April 16th. This represents a $4.08 annualized dividend and a dividend yield of 2.8%. EOG Resources’s dividend payout ratio is 44.79%.

Insiders Place Their Bets

In other news, COO Jeffrey R. Leitzell sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $130.00, for a total value of $260,000.00. Following the completion of the transaction, the chief operating officer owned 88,045 shares of the company’s stock, valued at approximately $11,445,850. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Ann D. Janssen sold 4,161 shares of EOG Resources stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $140.04, for a total value of $582,706.44. Following the completion of the transaction, the chief financial officer owned 100,246 shares of the company’s stock, valued at approximately $14,038,449.84. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 14,532 shares of company stock worth $1,877,405 in the last 90 days. Company insiders own 0.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its position in 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 during the last quarter. Franklin Resources Inc. boosted its holdings in shares of EOG Resources by 24.2% in the fourth quarter. Franklin Resources Inc. now owns 6,443,453 shares of the energy exploration company’s stock valued at $676,627,000 after acquiring an additional 1,257,110 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of EOG Resources by 474.7% in the fourth quarter. Marshall Wace LLP now owns 1,318,254 shares of the energy exploration company’s stock valued at $138,430,000 after acquiring an additional 1,088,867 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of EOG Resources by 23.9% during the fourth quarter. Bank of New York Mellon Corp now owns 4,669,969 shares of the energy exploration company’s stock worth $490,394,000 after acquiring an additional 901,897 shares during the period. Finally, Capital World Investors increased its stake in shares of EOG Resources by 1.4% during the third quarter. Capital World Investors now owns 54,907,949 shares of the energy exploration company’s stock worth $6,156,495,000 after acquiring an additional 782,426 shares during the period. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

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.