CI Investments Inc. Cuts Stake in EOG Resources, Inc. $EOG

CI Investments Inc. trimmed its position in shares of EOG Resources, Inc. (NYSE:EOG) by 14.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,225 shares of the energy exploration company’s stock after selling 11,972 shares during the period. CI Investments Inc.’s holdings in EOG Resources were worth $10,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EOG. First Trust Advisors LP raised its holdings in shares of EOG Resources by 15.7% in the first quarter. First Trust Advisors LP now owns 3,446,002 shares of the energy exploration company’s stock worth $498,189,000 after buying an additional 468,090 shares during the period. Westpac Banking Corp grew its stake in EOG Resources by 300.0% during the 1st quarter. Westpac Banking Corp now owns 2,384 shares of the energy exploration company’s stock valued at $345,000 after acquiring an additional 1,788 shares in the last quarter. Himension Capital Singapore PTE. LTD. acquired a new stake in shares of EOG Resources during the 1st quarter worth about $1,668,000. Cadence Wealth Management LLC raised its holdings in EOG Resources by 8.5% in the first quarter. Cadence Wealth Management LLC now owns 5,358 shares of the energy exploration company’s stock valued at $775,000 after acquiring an additional 422 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in EOG Resources by 4.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 200,463 shares of the energy exploration company’s stock worth $28,981,000 after buying an additional 9,334 shares during the last quarter. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on EOG shares. Susquehanna restated a “positive” rating and issued a $170.00 target price (up from $166.00) on shares of EOG Resources in a report on Tuesday. Wall Street Zen upgraded EOG Resources from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Scotiabank lifted their price target on EOG Resources from $123.00 to $139.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. DA Davidson boosted their price objective on EOG Resources from $148.00 to $153.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Roth Capital restated a “neutral” rating and set a $136.00 price target on shares of EOG Resources in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and sixteen have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $155.32.

EOG Resources Stock Up 0.5%

Shares of NYSE:EOG opened at $144.16 on Thursday. The company’s 50-day moving average price is $136.44 and its two-hundred day moving average price is $129.52. The firm has a market cap of $76.78 billion, a P/E ratio of 14.19 and a beta of 0.25. EOG Resources, Inc. has a 12 month low of $101.59 and a 12 month high of $151.87. The company has a quick ratio of 1.53, a current ratio of 1.72 and a debt-to-equity ratio of 0.26.

EOG Resources (NYSE:EOG) last released its quarterly earnings data on Tuesday, May 5th. The energy exploration company reported $3.41 EPS for the quarter, beating analysts’ consensus estimates of $3.23 by $0.18. EOG Resources had a net margin of 23.01% and a return on equity of 19.25%. The business had revenue of $6.92 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same quarter in the prior year, the company earned $2.87 EPS. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. As a group, research analysts forecast that EOG Resources, Inc. will post 16.19 EPS for the current fiscal year.

EOG Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a dividend of $1.02 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $4.08 annualized dividend and a yield of 2.8%. EOG Resources’s payout ratio is presently 40.16%.

About EOG Resources

EOG Resources, Inc (NYSE: EOG) is an independent exploration and production company headquartered in Houston, Texas. Tracing its corporate origins to Enron Oil & Gas Company in the late 1990s, the company established itself as a stand?alone E&P operator and has grown into one of the largest U.S. upstream producers. EOG focuses on the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids (NGLs).

As an upstream-focused company, EOG’s core activities include geologic and geophysical exploration, drilling and completion of wells, reservoir development, and the marketing of hydrocarbon production.