Confluence Investment Management LLC Reduces Holdings in EOG Resources, Inc. $EOG

Confluence Investment Management LLC cut its stake in shares of EOG Resources, Inc. (NYSE:EOG) by 11.2% during the third quarter, HoldingsChannel.com reports. The fund owned 137,056 shares of the energy exploration company’s stock after selling 17,305 shares during the quarter. Confluence Investment Management LLC’s holdings in EOG Resources were worth $18,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jupiter Topco LLC bought a new stake in shares of EOG Resources in the second quarter valued at about $138,987,000. Punch & Associates Investment Management Inc. purchased a new stake in shares of EOG Resources in the 2nd quarter worth approximately $11,746,000. Parvin Asset Management LLC bought a new position in shares of EOG Resources during the second quarter valued at approximately $1,743,000. Transamerica Financial Advisors LLC purchased a new position in EOG Resources during the second quarter valued at approximately $1,051,000. Finally, Rakuten Investment Management Inc. purchased a new position in EOG Resources during the second quarter valued at approximately $11,517,000. Institutional investors own 89.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EOG. Freedom Capital lowered EOG Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Jefferies Financial Group reissued a “buy” rating and issued a $175.00 price target (up from $170.00) on shares of EOG Resources in a research report on Thursday, July 2nd. Weiss Ratings raised EOG Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, September 8th. Raymond James Financial restated a “strong-buy” rating and issued a $186.00 price target (up from $183.00) on shares of EOG Resources in a report on Thursday, September 17th. Finally, UBS Group reiterated a “buy” rating and set a $183.00 price objective (up from $158.00) on shares of EOG Resources in a research note on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eighteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $158.11.

Insider Activity at EOG Resources

In related news, COO Jeffrey Leitzell sold 9,039 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief operating officer owned 90,790 shares in the company, valued at $12,765,981.90. This trade represents a 9.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Donaldson sold 7,336 shares of EOG Resources stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $148.00, for a total value of $1,085,728.00. Following the sale, the executive vice president directly owned 100,558 shares of the company’s stock, valued at approximately $14,882,584. This represents a 6.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 52,317 shares of company stock valued at $7,823,480 in the last ninety days. Company insiders own 0.14% of the company’s stock.

EOG Resources Stock Up 2.4%

EOG Resources stock traded up $3.34 during midday trading on Thursday, reaching $141.10. The company’s stock had a trading volume of 1,046,906 shares, compared to its average volume of 4,106,127. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.85 and a quick ratio of 1.68. The stock has a market capitalization of $74.01 billion, a P/E ratio of 10.98, a PEG ratio of 0.52 and a beta of 0.26. The stock’s 50-day simple moving average is $144.50 and its 200-day simple moving average is $139.60. EOG Resources, Inc. has a 52-week low of $101.59 and a 52-week high of $154.16.

EOG Resources (NYSE:EOG) last issued its quarterly earnings results on Tuesday, August 4th. The energy exploration company reported $5.07 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.10. The business had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.04 billion. EOG Resources had a return on equity of 23.44% and a net margin of 25.44%.The company’s revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.32 earnings per share. On average, sell-side analysts expect that EOG Resources, Inc. will post 16.85 EPS for the current year.

EOG Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. EOG Resources’s payout ratio is 31.75%.

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.