Zacks Research Expects Reduced Earnings for EOG Resources

EOG Resources, Inc. (NYSE:EOG - Free Report) - Stock analysts at Zacks Research lowered their FY2024 EPS estimates for shares of EOG Resources in a report issued on Tuesday, January 7th. Zacks Research analyst R. Department now anticipates that the energy exploration company will post earnings per share of $11.21 for the year, down from their previous estimate of $11.27. The consensus estimate for EOG Resources' current full-year earnings is $11.47 per share. Zacks Research also issued estimates for EOG Resources' Q4 2024 earnings at $2.34 EPS, Q1 2025 earnings at $2.48 EPS, Q2 2025 earnings at $2.51 EPS, Q3 2025 earnings at $2.71 EPS and Q4 2026 earnings at $3.13 EPS.

A number of other brokerages have also recently commented on EOG. Raymond James increased their target price on EOG Resources from $156.00 to $167.00 and gave the company a "strong-buy" rating in a report on Thursday, November 21st. Barclays decreased their price objective on EOG Resources from $144.00 to $137.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company raised shares of EOG Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $147.00 to $150.00 in a research note on Tuesday, December 17th. Citigroup raised their price target on shares of EOG Resources from $127.00 to $134.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Finally, Benchmark reissued a "hold" rating on shares of EOG Resources in a research note on Tuesday, November 12th. Thirteen research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $143.71.

EOG Resources Price Performance

Shares of EOG stock traded up $0.75 during trading hours on Thursday, hitting $128.31. The company's stock had a trading volume of 3,052,790 shares, compared to its average volume of 2,827,388. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $127.76 and a 200-day moving average of $126.64. EOG Resources has a twelve month low of $108.94 and a twelve month high of $139.67. The stock has a market cap of $72.17 billion, a price-to-earnings ratio of 10.33, a P/E/G ratio of 3.37 and a beta of 1.29.

Hedge Funds Weigh In On EOG Resources

A number of institutional investors have recently added to or reduced their stakes in EOG. Northwest Investment Counselors LLC bought a new stake in shares of EOG Resources in the third quarter worth $26,000. Eastern Bank bought a new stake in shares of EOG Resources in the 3rd quarter worth about $28,000. Capital Performance Advisors LLP bought a new stake in shares of EOG Resources in the 3rd quarter worth about $31,000. HM Payson & Co. raised 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 in the last quarter. Finally, Matrix Trust Co bought a new position in shares of EOG Resources during the third quarter worth about $43,000. Institutional investors and hedge funds own 89.91% of the company's stock.

Insider Activity

In related news, COO Jeffrey R. Leitzell sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $120.89, for a total transaction of $483,560.00. Following the transaction, the chief operating officer now directly owns 42,703 shares of the company's stock, valued at approximately $5,162,365.67. The trade was a 8.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $76,867.44. Following the completion of the sale, the director now directly owns 43,532 shares of the company's stock, valued at $5,891,185.56. This trade represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.

EOG Resources announced that its Board of Directors has initiated a stock buyback plan on Thursday, November 7th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the energy exploration company to buy up to 7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

EOG Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a $0.975 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $3.90 annualized dividend and a dividend yield of 3.04%. This is a positive change from EOG Resources's previous quarterly dividend of $0.91. EOG Resources's dividend payout ratio is presently 29.31%.

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.