Confluence Investment Management LLC Sells 663 Shares of EOG Resources, Inc. (NYSE:EOG)

08 Nov 2024, 14:38 by Tristan Rich · The Markets Daily

Confluence Investment Management LLC lowered its stake in EOG Resources, Inc. (NYSE:EOG – Free Report) by 0.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,518 shares of the energy exploration company’s stock after selling 663 shares during the quarter. Confluence Investment Management LLC’s holdings in EOG Resources were worth $23,666,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of EOG. Hara Capital LLC bought a new stake in EOG Resources in the third quarter valued at $102,000. JB Capital LLC grew its stake in shares of EOG Resources by 4.4% in the 3rd quarter. JB Capital LLC now owns 19,927 shares of the energy exploration company’s stock valued at $2,450,000 after buying an additional 836 shares during the period. Jmac Enterprises LLC increased its position in EOG Resources by 12.9% in the 3rd quarter. Jmac Enterprises LLC now owns 7,850 shares of the energy exploration company’s stock valued at $965,000 after buying an additional 896 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in EOG Resources by 11.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 909 shares of the energy exploration company’s stock worth $112,000 after buying an additional 92 shares during the period. Finally, Montecito Bank & Trust boosted its holdings in EOG Resources by 27.3% in the third quarter. Montecito Bank & Trust now owns 6,872 shares of the energy exploration company’s stock worth $845,000 after acquiring an additional 1,472 shares in the last quarter. 89.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EOG. JPMorgan Chase & Co. decreased their price objective on EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Royal Bank of Canada restated a “sector perform” rating and set a $145.00 price objective on shares of EOG Resources in a report on Monday, October 14th. Truist Financial dropped their price objective on shares of EOG Resources from $130.00 to $115.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. KeyCorp decreased their target price on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Evercore ISI dropped their price target on shares of EOG Resources from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Fourteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $141.20.

Read Our Latest Stock Analysis on EOG Resources

EOG Resources Stock Performance

Shares of EOG stock opened at $126.46 on Friday. EOG Resources, Inc. has a 52 week low of $108.94 and a 52 week high of $139.67. The firm’s 50-day simple moving average is $125.15 and its two-hundred day simple moving average is $126.08. The firm has a market cap of $71.91 billion, a price-to-earnings ratio of 9.77, a P/E/G ratio of 3.24 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.89 and a current ratio of 2.12.

EOG Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a $0.975 dividend. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 annualized dividend and a yield of 3.08%. EOG Resources’s dividend payout ratio is presently 28.11%.

EOG Resources announced that its board has initiated a share repurchase plan on Thursday, November 7th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at EOG Resources

In other news, Director Charles R. Crisp sold 6,500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $125.60, for a total transaction of $816,400.00. Following the transaction, the director now owns 60,892 shares of the company’s stock, valued at $7,648,035.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles R. Crisp sold 6,500 shares of EOG Resources stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $125.60, for a total value of $816,400.00. Following the completion of the transaction, the director now owns 60,892 shares in the company, valued at $7,648,035.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael P. Donaldson sold 11,037 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $129.50, for a total transaction of $1,429,291.50. Following the sale, the executive vice president now owns 74,250 shares in the company, valued at $9,615,375. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

EOG Resources Profile

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