Piper Sandler Issues Pessimistic Forecast for EOG Resources (NYSE:EOG) Stock Price

EOG Resources (NYSE:EOG) had its price objective lowered by equities research analysts at Piper Sandler from $149.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the energy exploration company’s stock. Piper Sandler’s price objective would suggest a potential upside of 17.03% from the stock’s current price.

Several other research analysts have also weighed in on the company. StockNews.com lowered EOG Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 16th. Truist Financial upped their price target on shares of EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. decreased their price objective on shares of EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Susquehanna dropped their target price on shares of EOG Resources from $159.00 to $158.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Finally, UBS Group reduced their price target on EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Fourteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, EOG Resources presently has a consensus rating of “Hold” and an average target price of $143.50.

EOG Resources Price Performance

Shares of NYSE EOG opened at $119.63 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07. The business has a 50-day moving average of $128.67 and a 200-day moving average of $126.39. The stock has a market capitalization of $67.29 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 3.39 and a beta of 1.29. EOG Resources has a fifty-two week low of $108.94 and a fifty-two week high of $139.67.

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

Insider Buying and Selling

In other EOG Resources news, Director Janet F. Clark sold 568 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total transaction of $76,867.44. Following the sale, 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. 0.30% of the stock is owned by company insiders.

Institutional Trading of EOG Resources

A number of institutional investors and hedge funds have recently made changes to their positions in EOG. Franklin Resources Inc. raised its position in EOG Resources by 64.7% during the third quarter. Franklin Resources Inc. now owns 5,284,228 shares of the energy exploration company’s stock valued at $694,717,000 after purchasing an additional 2,076,134 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of EOG Resources by 856.7% in the 3rd quarter. Fisher Asset Management LLC now owns 1,200,851 shares of the energy exploration company’s stock valued at $147,621,000 after purchasing an additional 1,075,334 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of EOG Resources during the 2nd quarter worth $106,990,000. Legal & General Group Plc boosted its stake in EOG Resources by 9.1% in the second quarter. Legal & General Group Plc now owns 4,840,705 shares of the energy exploration company’s stock valued at $609,300,000 after buying an additional 403,676 shares in the last quarter. Finally, National Bank of Canada FI grew its position in EOG Resources by 237.9% in the second quarter. National Bank of Canada FI now owns 487,920 shares of the energy exploration company’s stock valued at $61,741,000 after acquiring an additional 343,527 shares during the last quarter. Institutional investors own 89.91% of the company’s stock.

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.