Zacks Research Weighs in on EOG Resources, Inc.’s Q2 2024 Earnings (NYSE:EOG)

EOG Resources, Inc. (NYSE:EOG) – Equities research analysts at Zacks Research boosted their Q2 2024 EPS estimates for EOG Resources in a report issued on Tuesday, July 23rd. Zacks Research analyst A. Kanoria now forecasts that the energy exploration company will post earnings of $2.98 per share for the quarter, up from their previous forecast of $2.91. The consensus estimate for EOG Resources’ current full-year earnings is $12.13 per share. Zacks Research also issued estimates for EOG Resources’ Q3 2024 earnings at $3.31 EPS, Q4 2024 earnings at $3.02 EPS, FY2024 earnings at $12.13 EPS, Q4 2025 earnings at $3.17 EPS and Q1 2026 earnings at $2.85 EPS.

A number of other research firms have also recently issued reports on EOG. Citigroup boosted their price objective on shares of EOG Resources from $124.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, May 24th. Barclays started coverage on shares of EOG Resources in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $144.00 price objective on the stock. Bank of America restated a “buy” rating and issued a $151.00 price objective on shares of EOG Resources in a research report on Friday, June 14th. Mizuho boosted their price objective on shares of EOG Resources from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Sanford C. Bernstein decreased their price objective on shares of EOG Resources from $139.00 to $125.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Fifteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $143.20.

EOG Resources Price Performance

EOG stock opened at $127.15 on Friday. The firm’s 50-day moving average price is $124.73 and its two-hundred day moving average price is $123.34. EOG Resources has a 12-month low of $108.94 and a 12-month high of $139.67. The stock has a market capitalization of $73.07 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 2.22 and a beta of 1.30. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 0.13.

EOG Resources (NYSE:EOG) last posted its quarterly earnings results on Thursday, May 2nd. The energy exploration company reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.12. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $5.91 billion. EOG Resources had a net margin of 30.33% and a return on equity of 24.83%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.69 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MUFG Securities EMEA plc bought a new position in EOG Resources during the fourth quarter valued at approximately $5,443,000. TIAA Trust National Association lifted its position in EOG Resources by 639.3% during the fourth quarter. TIAA Trust National Association now owns 57,636 shares of the energy exploration company’s stock valued at $6,971,000 after purchasing an additional 49,840 shares during the period. Dai ichi Life Insurance Company Ltd lifted its position in EOG Resources by 15.3% during the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 46,468 shares of the energy exploration company’s stock valued at $5,620,000 after purchasing an additional 6,154 shares during the period. L. Roy Papp & Associates LLP lifted its position in EOG Resources by 18.3% during the fourth quarter. L. Roy Papp & Associates LLP now owns 168,354 shares of the energy exploration company’s stock valued at $20,362,000 after purchasing an additional 26,026 shares during the period. Finally, AIA Group Ltd lifted its position in EOG Resources by 128.0% during the fourth quarter. AIA Group Ltd now owns 10,203 shares of the energy exploration company’s stock valued at $1,234,000 after purchasing an additional 5,728 shares during the period. Institutional investors own 89.91% of the company’s stock.

Insider Buying and Selling

In related news, COO Jeffrey R. Leitzell sold 7,802 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $130.07, for a total transaction of $1,014,806.14. Following the sale, the chief operating officer now owns 39,054 shares of the company’s stock, valued at $5,079,753.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Ezra Y. Yacob sold 4,729 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $129.31, for a total value of $611,506.99. Following the transaction, the chief executive officer now owns 150,474 shares in the company, valued at $19,457,792.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jeffrey R. Leitzell sold 7,802 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $130.07, for a total transaction of $1,014,806.14. Following the completion of the transaction, the chief operating officer now owns 39,054 shares in the company, valued at approximately $5,079,753.78. The disclosure for this sale can be found here. Insiders have sold 16,512 shares of company stock valued at $2,144,972 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

EOG Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Wednesday, July 17th. EOG Resources’s payout ratio is currently 28.75%.

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.