EOG Resources (NYSE:EOG) Upgraded to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of EOG Resources (NYSE:EOG) from a sector perform rating to an outperform rating in a report published on Wednesday, MarketBeat Ratings reports. Royal Bank of Canada currently has $155.00 price target on the energy exploration company’s stock, up from their prior price target of $150.00.

Other equities analysts have also recently issued reports about the stock. Wolfe Research upgraded shares of EOG Resources from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research note on Friday, January 3rd. Raymond James upped their price objective on shares of EOG Resources from $167.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. StockNews.com raised EOG Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. Truist Financial upped their price target on EOG Resources from $135.00 to $137.00 and gave the company a “hold” rating in a report on Monday, January 13th. Finally, Piper Sandler raised their price objective on EOG Resources from $140.00 to $141.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. Twelve analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, EOG Resources presently has an average rating of “Moderate Buy” and an average price target of $144.14.

EOG Resources Stock Performance

Shares of NYSE EOG opened at $128.83 on Wednesday. EOG Resources has a 12 month low of $109.06 and a 12 month high of $139.67. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13. The company has a market cap of $72.46 billion, a P/E ratio of 10.37, a P/E/G ratio of 3.36 and a beta of 1.27. The business’s 50 day moving average is $127.79 and its two-hundred day moving average is $127.37.

EOG Resources declared that its Board of Directors has approved a stock repurchase program on Thursday, November 7th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at EOG Resources

In other EOG Resources news, COO Jeffrey R. Leitzell sold 4,000 shares of EOG Resources stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $120.89, for a total value of $483,560.00. Following the completion of the transaction, the chief operating officer now owns 42,703 shares in the company, valued at approximately $5,162,365.67. The trade was a 8.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Janet F. Clark sold 568 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $135.33, for a total value of $76,867.44. Following the sale, the director now owns 43,532 shares in the company, valued at $5,891,185.56. The trade was a 1.29 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On EOG Resources

Institutional investors have recently modified their holdings of the stock. Wealthfront Advisers LLC increased its holdings in shares of EOG Resources by 4,642.2% in the fourth quarter. Wealthfront Advisers LLC now owns 2,852,238 shares of the energy exploration company’s stock valued at $349,627,000 after purchasing an additional 2,792,092 shares in the last quarter. Franklin Resources Inc. boosted its position in EOG Resources by 64.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock valued at $694,717,000 after buying an additional 2,076,134 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of EOG Resources in the 4th quarter valued at $171,193,000. Fisher Asset Management LLC raised its position in shares of EOG Resources by 856.7% during the third quarter. Fisher Asset Management LLC now owns 1,200,851 shares of the energy exploration company’s stock worth $147,621,000 after acquiring an additional 1,075,334 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of EOG Resources by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,192,314 shares of the energy exploration company’s stock valued at $2,230,014,000 after acquiring an additional 781,282 shares during the period. 89.91% of the stock is owned by institutional investors.

EOG Resources Company Profile

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.