EOG Resources (NYSE:EOG) Rating Lowered to Sector Perform at Scotiabank

EOG Resources (NYSE:EOG) was downgraded by investment analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Thursday, MarketBeat.com reports. They presently have a $155.00 target price on the energy exploration company’s stock. Scotiabank’s price objective would indicate a potential upside of 12.36% from the stock’s previous close.

A number of other research firms have also recently issued reports on EOG. Wells Fargo & Company cut shares of EOG Resources from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $150.00 to $130.00 in a research report on Thursday, December 14th. Morgan Stanley increased their price target on shares of EOG Resources from $131.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 28th. 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. UBS Group cut their target price on shares of EOG Resources from $165.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, December 14th. Finally, TD Securities lowered their price objective on shares of EOG Resources from $135.00 to $130.00 and set a “hold” rating for the company in a research report on Friday, February 23rd. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $140.76.

EOG Resources Stock Up 0.6 %

EOG Resources stock opened at $137.95 on Thursday. EOG Resources has a 1-year low of $106.32 and a 1-year high of $138.41. The firm has a market capitalization of $79.35 billion, a price-to-earnings ratio of 10.60 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 firm has a 50 day simple moving average of $120.37 and a 200 day simple moving average of $121.70.

EOG Resources (NYSE:EOG) last released its quarterly earnings results on Friday, February 23rd. The energy exploration company reported $3.07 EPS for the quarter, missing analysts’ consensus estimates of $3.14 by ($0.07). EOG Resources had a net margin of 31.40% and a return on equity of 25.38%. The firm had revenue of $6.36 billion for the quarter, compared to analysts’ expectations of $6.18 billion. During the same quarter last year, the firm earned $3.30 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts predict that EOG Resources will post 11.85 earnings per share for the current year.

Hedge Funds Weigh In On EOG Resources

Large investors have recently made changes to their positions in the company. Cetera Investment Advisers grew its holdings in shares of EOG Resources by 16.0% during the first quarter. Cetera Investment Advisers now owns 16,031 shares of the energy exploration company’s stock worth $1,911,000 after buying an additional 2,213 shares in the last quarter. Moors & Cabot Inc. purchased a new stake in shares of EOG Resources in the first quarter valued at about $404,000. Sequoia Financial Advisors LLC purchased a new stake in shares of EOG Resources in the first quarter valued at about $278,000. Zions Bancorporation N.A. grew its holdings in shares of EOG Resources by 237.7% in the first quarter. Zions Bancorporation N.A. now owns 1,155 shares of the energy exploration company’s stock valued at $138,000 after purchasing an additional 813 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of EOG Resources by 23.7% in the first quarter. Brown Brothers Harriman & Co. now owns 662 shares of the energy exploration company’s stock valued at $79,000 after purchasing an additional 127 shares during the period. 89.91% of the stock is currently owned by institutional investors and hedge funds.

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.