The New York State Common Retirement Fund has reduced its stake in EOG Resources, Inc. by 3.7% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The fund now holds 712,882 shares of the energy exploration company, valued at approximately $85.27 million, after offloading 27,773 shares during the quarter.
Other institutional investors have also made significant adjustments to their positions in EOG Resources. StrongBox Wealth LLC increased its holdings by 1.9%, acquiring an additional 88 shares. As of the end of the quarter, it owns 4,817 shares valued at $576,000. Similarly, ORG Partners LLC boosted its stake by 45.1%, now holding 283 shares worth $34,000, following the purchase of 88 shares in the last quarter.
Meanwhile, Ameriflex Group Inc. raised its holdings by 31.6%, bringing its total to 379 shares valued at $46,000 after acquiring 91 shares. Granite Harbor Advisors Inc. increased its stake by 3.2% in the first quarter, now owning 3,034 shares worth $389,000. Additionally, Richardson Financial Services Inc. boosted its holdings by 2.0%, owning 5,032 shares valued at $610,000. Currently, institutional investors own approximately 89.91% of EOG Resources.
Stock Performance and Dividend Announcement
On Friday, EOG stock opened at $107.58. It has a fifty-day moving average of $108.74 and a two-hundred-day moving average of $115.18. The company’s financial metrics reflect a debt-to-equity ratio of 0.12, a current ratio of 1.79, and a quick ratio of 1.61. EOG Resources has experienced a fifty-two week low of $102.52 and a high of $138.18. The company boasts a market capitalization of $58.37 billion and a price-to-earnings ratio of 10.45.
EOG Resources has also declared a quarterly dividend of $1.02, scheduled for payment on January 30, 2024. Shareholders on record as of January 16, 2024 will receive this dividend, with an ex-dividend date also set for January 16. This represents an annualized dividend of $4.08 and a yield of 3.8%. The company’s payout ratio currently stands at 40.64%.
Analyst Ratings and Market Insights
Several equity analysts have recently provided updates on EOG Resources. Sanford C. Bernstein downgraded its price target from $146.00 to $144.00 and assigned a “market perform” rating. Piper Sandler reduced its target from $129.00 to $124.00, issuing a “neutral” rating. Conversely, Jefferies Financial Group set a price target of $145.00 for the stock.
Further insights reveal that Weiss Ratings reaffirmed a “hold (c)” rating, while Siebert Williams Shank lowered its price target from $155.00 to $145.00 with a “buy” recommendation. Overall, one analyst has rated EOG shares as a strong buy, eleven have given a buy rating, and sixteen hold ratings have been assigned. According to MarketBeat.com, the consensus rating for the company is “Hold,” with an average price target of $140.33.
EOG Resources, Inc., along with its subsidiaries, primarily explores, develops, produces, and markets crude oil, natural gas liquids, and natural gas. The company operates mainly in the United States, the Republic of Trinidad and Tobago, and other international locations. It was previously known as Enron Oil & Gas Company.
