StockNews.com Downgrades EOG Resources (NYSE:EOG) to Hold

EOG Resources (NYSE:EOG) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also commented on the stock. KeyCorp reduced their target price on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Piper Sandler reduced their price objective on EOG Resources from $154.00 to $147.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Truist Financial boosted their target price on EOG Resources from $115.00 to $135.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Evercore ISI reduced their price target on EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their price objective on EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Fourteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, EOG Resources currently has an average rating of “Hold” and an average target price of $142.20.

EOG Resources Stock Down 0.5 %

Shares of EOG opened at $134.56 on Friday. The firm has a market cap of $75.68 billion, a P/E ratio of 10.83, a P/E/G ratio of 3.57 and a beta of 1.28. EOG Resources has a 1 year low of $108.94 and a 1 year high of $139.67. The stock has a 50 day simple moving average of $126.25 and a two-hundred day simple moving average of $125.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07.

EOG Resources announced that its Board of Directors has approved a share buyback plan on Thursday, November 7th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the energy exploration company to reacquire up to 7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Michael P. Donaldson sold 11,037 shares of EOG Resources stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $129.50, for a total value of $1,429,291.50. Following the completion of the transaction, the executive vice president now owns 74,250 shares of the company’s stock, valued at $9,615,375. The trade was a 12.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 6,500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $125.60, for a total transaction of $816,400.00. Following the sale, the director now directly owns 60,892 shares in the company, valued at $7,648,035.20. This trade represents a 9.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On EOG Resources

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in EOG Resources by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock worth $1,513,446,000 after acquiring an additional 180,755 shares during the last quarter. Insight Inv LLC boosted its position in shares of EOG Resources by 0.8% during the third quarter. Insight Inv LLC now owns 9,385 shares of the energy exploration company’s stock valued at $1,154,000 after buying an additional 75 shares during the last quarter. Brophy Wealth Management LLC purchased a new position in EOG Resources in the 3rd quarter worth about $702,000. Hamilton Capital LLC boosted its holdings in shares of EOG Resources by 15.7% during the 3rd quarter. Hamilton Capital LLC now owns 5,300 shares of the energy exploration company’s stock valued at $646,000 after acquiring an additional 721 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of EOG Resources in the third quarter worth approximately $516,000. Hedge funds and other institutional investors own 89.91% of the company’s stock.

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.