Zacks Research Comments on EOG Resources, Inc.’s Q2 2023 Earnings (NYSE:EOG)

Posted by Defense World Staff on Jun 5th, 2023

EOG Resources, Inc. (NYSE:EOG – Get Rating) – Equities research analysts at Zacks Research reduced their Q2 2023 earnings per share (EPS) estimates for shares of EOG Resources in a report issued on Friday, June 2nd. Zacks Research analyst N. Banerjee now anticipates that the energy exploration company will post earnings of $2.34 per share for the quarter, down from their previous estimate of $2.37. The consensus estimate for EOG Resources’ current full-year earnings is $11.62 per share. Zacks Research also issued estimates for EOG Resources’ Q3 2023 earnings at $2.59 EPS, Q4 2023 earnings at $2.64 EPS, FY2023 earnings at $10.26 EPS, Q1 2024 earnings at $2.40 EPS, Q2 2024 earnings at $4.52 EPS, Q3 2024 earnings at $2.01 EPS, Q4 2024 earnings at $1.87 EPS, FY2024 earnings at $10.80 EPS, Q1 2025 earnings at $2.51 EPS and FY2025 earnings at $10.48 EPS.

Several other research analysts also recently commented on EOG. Truist Financial lifted their price target on EOG Resources from $146.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Stifel Nicolaus dropped their price target on EOG Resources from $142.00 to $141.00 in a research report on Monday, May 22nd. TD Securities lowered their price objective on EOG Resources from $150.00 to $145.00 and set a “hold” rating on the stock in a research report on Wednesday, March 8th. Wells Fargo & Company lowered their price objective on EOG Resources from $167.00 to $158.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 8th. Finally, Morgan Stanley lowered their price objective on EOG Resources from $140.00 to $132.00 and set an “overweight” rating on the stock in a research report on Monday, March 27th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $149.33.

EOG Resources Stock Performance

Shares of NYSE EOG opened at $111.92 on Monday. The company has a quick ratio of 1.90, a current ratio of 2.17 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $114.79 and its two-hundred day moving average is $121.99. The company has a market cap of $65.46 billion, a P/E ratio of 7.00, a P/E/G ratio of 0.34 and a beta of 1.54. EOG Resources has a 12 month low of $92.16 and a 12 month high of $150.88.

EOG Resources (NYSE:EOG – Get Rating) last issued its quarterly earnings results on Friday, May 5th. The energy exploration company reported $2.69 EPS for the quarter, topping the consensus estimate of $2.42 by $0.27. The company had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $5.28 billion. EOG Resources had a return on equity of 30.34% and a net margin of 33.83%. The company’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same period in the previous year, the business posted $4.00 EPS.

Hedge Funds Weigh In On EOG Resources

Several large investors have recently made changes to their positions in the company. Cetera Investment Advisers increased its holdings in EOG Resources by 16.0% in the first quarter. Cetera Investment Advisers now owns 16,031 shares of the energy exploration company’s stock valued at $1,911,000 after purchasing an additional 2,213 shares during the last quarter. Moors & Cabot Inc. bought a new stake in EOG Resources in the first quarter valued at about $404,000. Sequoia Financial Advisors LLC bought a new stake in EOG Resources in the first quarter valued at about $278,000. Zions Bancorporation N.A. increased 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 worth $138,000 after acquiring an additional 813 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased 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 worth $79,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

EOG Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Monday, July 17th will be paid a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, July 14th. EOG Resources’s dividend payout ratio (DPR) is presently 20.64%.

EOG Resources Company Profile

(Get Rating)

EOG Resources, Inc engages in the exploration, development, production and marketing of crude oil and natural gas. It operates through the United States, Trinidad, and Other International geographical segments. The Other International segment includes China and Canada operations. The company was founded in 1985 and is headquartered in Houston, TX.