EOG Resources (NYSE:EOG) Board of Directors Announces Share Repurchase Plan

EOG Resources (NYSE:EOG) declared that its board has authorized a stock repurchase plan on Thursday, November 7th, RTT News reports. The company plans to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the energy exploration company to buy up to 7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on EOG shares. StockNews.com downgraded EOG Resources from a “buy” rating to a “hold” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. decreased their target price on EOG Resources from $143.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Truist Financial reduced their price objective on EOG Resources from $130.00 to $115.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Sanford C. Bernstein reduced their price objective on EOG Resources from $139.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, Wolfe Research initiated coverage on EOG Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Fourteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $141.20.

EOG Resources Trading Down 0.6 %

Shares of EOG opened at $126.46 on Friday. The company has a current ratio of 2.12, a quick ratio of 1.89 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $71.91 billion, a P/E ratio of 9.77, a price-to-earnings-growth ratio of 3.24 and a beta of 1.28. The stock’s fifty day simple moving average is $125.15 and its 200 day simple moving average is $126.08. EOG Resources has a twelve month low of $108.94 and a twelve month high of $139.67.

EOG Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.975 dividend. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 annualized dividend and a yield of 3.08%. EOG Resources’s dividend payout ratio is currently 28.11%.

Insider Activity at EOG Resources

In related news, Director Charles R. Crisp sold 6,500 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the completion of the sale, the director now directly owns 60,892 shares in the company, valued at approximately $7,648,035.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Michael P. Donaldson sold 11,037 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $129.50, for a total transaction of $1,429,291.50. Following the completion of the sale, the executive vice president now directly owns 74,250 shares in the company, valued at $9,615,375. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles R. Crisp sold 6,500 shares of EOG Resources stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the completion of the transaction, the director now owns 60,892 shares of the company’s stock, valued at $7,648,035.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

About EOG Resources

EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas primarily in producing basins in the United States, the Republic of Trinidad and Tobago and internationally. The company was formerly known as Enron Oil & Gas Company.