EOG Resources Inc (NYSE:EOG) Releases Quarterly Earnings Results, Misses Estimates of $1.51 EPS
EOG Resources Inc (NYSE:EOG – Get Rating) released its results on Thursday. The energy exploration company reported earnings per share of $2.74 for the quarter, missing consensus analyst estimates of $4.25 per ($1.51), Briefing.com reports. The company posted revenue of $7.41 billion in the quarter, compared to $5.58 billion expected by analysts. EOG Resources achieved a return on equity of 29.77% and a net margin of 23.12%. EOG Resources quarterly revenue increased 79.0% compared to the same quarter last year. During the same period last year, the company posted EPS of $1.73.
EOG Resource Stock Performance
NYSE: EOG traded at $7.19 during Friday’s midday session, hitting $107.01. 5,696,113 shares were traded, against an average volume of 4,583,595. The company has a 50-day simple moving average of $115.80 and a 200-day simple moving average of $116.80. The stock has a market capitalization of $62.68 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.22 and a beta of 1.61. The company has a quick ratio of 1.26, a current ratio of 1.35 and a leverage ratio of 0.18. EOG Resources has a 1-year low of $62.81 and a 1-year high of $147.99.
EOG Resources increases its dividend
The company also recently declared a special dividend, which will be paid on Thursday, September 29. Investors of record on Thursday, September 15 will receive a dividend of $1.50 per share. This is an increase from EOG Resources’ previous special dividend of $1.00. EOG Resources’ dividend payout ratio (DPR) is currently 40.05%.
Analysts set new price targets
Several research analysts have weighed in on EOG stocks. MKM Partners restated a “buy” rating and issued a price target of $123.00 on EOG Resources shares in a Wednesday, July 20 research note. Mizuho cut his price target on EOG Resources from $175.00 to $173.00 and set a “buy” rating on the stock in a Tuesday, July 19 research note. Susquehanna raised its price target on EOG Resources from $135.00 to $147.00 in a Monday, April 25 research note. Raymond James upgraded EOG Resources from an “outperform” rating to a “strong buy” rating and set a target price of $170.00 for the company in a Tuesday, May 10 report. Finally, KeyCorp raised its price target on EOG Resources from $136.00 to $140.00 and gave the company an “overweight” rating in a Thursday, May 26 research report. Four equity research analysts gave the stock a hold rating, fifteen issued a buy rating and one gave the stock a strong buy rating. According to MarketBeat.com, EOG Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.05.
Insiders place their bets
In other news from EOG Resources, Chief Financial Officer Timothy K. Driggers sold 3,484 shares in a trade that took place on Friday, May 27. The stock was sold at an average price of $135.51, for a total transaction of $472,116.84. Following the completion of the sale, the CFO now directly owns 214,691 shares of the company, valued at approximately $29,092,777.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. In a similar vein, Executive Vice Chairman Kenneth W. Boedeker sold 1,006 shares of EOG Resources in a trade on Friday, June 3. The stock was sold at an average price of $142.32, for a total transaction of $143,173.92. Following the completion of the transaction, the executive vice president now directly owns 16,880 shares of the company, valued at $2,402,361.60. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. Additionally, Chief Financial Officer Timothy K. Driggers sold 3,484 shares of the company in a trade on Friday, May 27. The stock was sold at an average price of $135.51, for a total value of $472,116.84. Following the transaction, the CFO now directly owns 214,691 shares of the company, valued at approximately $29,092,777.41. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 6,395 shares of the company valued at $883,134. 0.40% of the shares are held by insiders of the company.
Institutional investors weigh on EOG’s resources
A number of hedge funds and other institutional investors have recently changed their positions in EOG. Lumature Wealth Partners LLC purchased a new equity stake in EOG Resources in the first quarter valued at $28,000. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its position in EOG Resources shares by 1,436.8% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 292 shares of the energy exploration company valued at $34,000 after purchasing an additional 273 shares during the period. Brown Brothers Harriman & Co. increased its position in EOG Resources shares by 23.7% in the first quarter. Brown Brothers Harriman & Co. now owns 662 shares of the energy exploration company valued at $79,000 after buying 127 additional shares during the period. Zions Bancorporation NA increased its position in EOG Resources shares by 237.7% in the first quarter. Zions Bancorporation NA now owns 1,155 shares of the energy exploration company valued at $138,000 after purchasing an additional 813 shares during the period. Finally, Salem Investment Counselors Inc. increased its position in EOG Resources by 208.0% during the first quarter. Salem Investment Counselors Inc. now owns 1,466 shares of the energy exploration company valued at $175,000 after acquiring 990 additional shares during the period. Hedge funds and other institutional investors hold 85.87% of the company’s shares.
EOG Resources Company Profile
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EOG Resources, Inc, together with its subsidiaries, explores, develops, produces and markets crude oil, natural gas and natural gas liquids. Its main production areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago. As of December 31, 2021, it had total net proven reserves estimated at 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of liquid natural gas reserves; and 8.222 billion cubic feet of natural gas reserves.
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