EOG Resources (NYSE:EOG) Cut to Neutral at Piper Sandler

EOG Resources (NYSE:EOG) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. They presently have a $149.00 price objective on the energy exploration company’s stock, up from their prior price objective of $147.00. Piper Sandler’s price target would indicate a potential upside of 10.73% from the company’s previous close.

EOG has been the topic of a number of other reports. StockNews.com downgraded EOG Resources from a “buy” rating to a “hold” rating in a research report on Saturday. Evercore ISI cut their target price on EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Susquehanna dropped their price objective on EOG Resources from $159.00 to $158.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Wells Fargo & Company dropped their price objective on EOG Resources from $140.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Finally, KeyCorp lowered their target price on EOG Resources from $157.00 to $150.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Fifteen research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $142.30.

EOG Resources Price Performance

NYSE:EOG opened at $134.56 on Monday. 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 company has a market capitalization of $75.68 billion, a P/E ratio of 10.83, a P/E/G ratio of 3.57 and a beta of 1.28. EOG Resources has a 12 month low of $108.94 and a 12 month high of $139.67. The business’s 50-day moving average is $126.25 and its 200 day moving average is $125.96.

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

Insider Buying and Selling at EOG Resources

In related news, Director Charles R. Crisp sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total value of $816,400.00. Following the completion of the sale, the director now owns 60,892 shares of the company’s stock, valued at approximately $7,648,035.20. The trade was a 9.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael P. Donaldson sold 11,037 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $129.50, for a total value of $1,429,291.50. Following the completion of the sale, the executive vice president now owns 74,250 shares of the company’s stock, valued at approximately $9,615,375. This trade represents a 12.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EOG. Coldstream Capital Management Inc. grew its position in EOG Resources by 15.1% in the third quarter. Coldstream Capital Management Inc. now owns 6,661 shares of the energy exploration company’s stock valued at $826,000 after acquiring an additional 876 shares during the period. Geode Capital Management LLC raised its position in shares of EOG Resources by 1.5% during the third quarter. Geode Capital Management LLC now owns 12,315,735 shares of the energy exploration company’s stock worth $1,513,446,000 after purchasing an additional 180,755 shares during the period. Insight Inv LLC grew its holdings in shares of EOG Resources by 0.8% during the third quarter. Insight Inv LLC now owns 9,385 shares of the energy exploration company’s stock worth $1,154,000 after buying an additional 75 shares in the last quarter. Brophy Wealth Management LLC bought a new position in shares of EOG Resources during the third quarter worth about $702,000. Finally, Hamilton Capital LLC grew its stake in EOG Resources by 15.7% in the third quarter. Hamilton Capital LLC now owns 5,300 shares of the energy exploration company’s stock valued at $646,000 after purchasing an additional 721 shares in the last quarter. 89.91% of the stock is currently owned by institutional investors and hedge funds.

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.