EOG Resources, Inc. (NYSE:EOG) Stake Lowered by Nordea Investment Management AB

Nordea Investment Management AB reduced its stake in shares of EOG Resources, Inc. (NYSE:EOG) by 11.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,910 shares of the energy exploration company’s stock after selling 5,352 shares during the period. Nordea Investment Management AB’s holdings in EOG Resources were worth $5,121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of EOG. Northwest Investment Counselors LLC purchased a new position in shares of EOG Resources during the 3rd quarter valued at $26,000. Eastern Bank acquired a new stake in shares of EOG Resources in the 3rd quarter valued at $28,000. Capital Performance Advisors LLP acquired a new stake in shares of EOG Resources in the 3rd quarter valued at $31,000. HM Payson & Co. lifted its stake in shares of EOG Resources by 203.7% in the 3rd quarter. HM Payson & Co. now owns 328 shares of the energy exploration company’s stock valued at $40,000 after purchasing an additional 220 shares during the last quarter. Finally, Matrix Trust Co acquired a new stake in shares of EOG Resources in the 3rd quarter valued at $43,000. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

EOG Resources Stock Up 2.4 %

Shares of EOG opened at $131.54 on Friday. The company has a 50-day simple moving average of $127.97 and a 200-day simple moving average of $126.68. The firm has a market capitalization of $73.98 billion, a P/E ratio of 10.59, a P/E/G ratio of 3.37 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. EOG Resources, Inc. has a 52 week low of $108.94 and a 52 week high of $139.67.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a $0.975 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $3.90 dividend on an annualized basis and a yield of 2.96%. This is a boost from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s payout ratio is presently 29.31%.

EOG Resources announced that its board has authorized a stock buyback program on Thursday, November 7th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. KeyCorp reduced their price objective on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Piper Sandler reduced their price objective on shares of EOG Resources from $149.00 to $140.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Raymond James lifted their price objective on shares of EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. UBS Group reduced their price objective on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, Scotiabank cut their target price on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Twelve equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.71.

Insider Activity at EOG Resources

In related news, Director Janet F. Clark sold 568 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the transaction, the director now directly owns 43,532 shares in the company, valued at $5,891,185.56. This represents a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jeffrey R. Leitzell sold 4,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $120.89, for a total transaction of $483,560.00. Following the completion of the transaction, the chief operating officer now owns 42,703 shares in the company, valued at $5,162,365.67. This represents a 8.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently 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.