Scotiabank Downgrades EOG Resources (NYSE:EOG) to Sector Perform

EOG Resources (NYSE:EOG) was downgraded by equities research analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report issued on Thursday, MarketBeat.com reports. They presently have a $155.00 price objective on the energy exploration company’s stock, up from their prior price objective of $135.00. Scotiabank’s target price would indicate a potential upside of 14.53% from the stock’s previous close.

A number of other analysts have also recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $145.00 price objective on shares of EOG Resources in a research note on Tuesday. Barclays initiated coverage on shares of EOG Resources in a research report on Wednesday. They set an “equal weight” rating and a $144.00 target price for the company. Morgan Stanley raised their target price on shares of EOG Resources from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. Wells Fargo & Company downgraded shares of EOG Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $150.00 to $130.00 in a research note on Thursday, December 14th. Finally, Mizuho cut their target price on shares of EOG Resources from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Wednesday, January 3rd. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, EOG Resources currently has a consensus rating of “Hold” and an average target price of $140.76.

EOG Resources Stock Down 1.4 %

Shares of EOG stock opened at $135.33 on Thursday. EOG Resources has a 12 month low of $106.32 and a 12 month high of $139.67. The stock has a market cap of $77.84 billion, a P/E ratio of 10.40 and a beta of 1.40. The company has a current ratio of 2.44, a quick ratio of 2.13 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $121.36 and a two-hundred day simple moving average of $121.87.

EOG Resources (NYSE:EOG) last announced its quarterly earnings data on Friday, February 23rd. The energy exploration company reported $3.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.14 by ($0.07). The firm had revenue of $6.36 billion during the quarter, compared to analysts’ expectations of $6.18 billion. EOG Resources had a return on equity of 25.38% and a net margin of 31.40%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company earned $3.30 earnings per share. On average, research analysts expect that EOG Resources will post 11.95 earnings per share for the current year.

Hedge Funds Weigh In On EOG Resources

Several institutional investors have recently made changes to their positions in the company. Fortis Capital Advisors LLC purchased a new stake in EOG Resources in the 4th quarter worth $28,000. Lumature Wealth Partners LLC purchased a new stake in EOG Resources in the 1st quarter worth $28,000. McIlrath & Eck LLC increased its holdings in EOG Resources by 77.6% in the 3rd quarter. McIlrath & Eck LLC now owns 238 shares of the energy exploration company’s stock worth $30,000 after acquiring an additional 104 shares in the last quarter. Peoples Bank KS purchased a new stake in EOG Resources in the 3rd quarter worth $31,000. Finally, Exchange Traded Concepts LLC raised its position in shares of EOG Resources by 530.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 252 shares of the energy exploration company’s stock worth $30,000 after purchasing an additional 212 shares during the last quarter. 89.91% of the stock is owned by hedge funds and other institutional investors.

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.