Confluence Investment Management LLC Trims Stake in EOG Resources, Inc. (NYSE:EOG)

Confluence Investment Management LLC cut its position in shares of EOG Resources, Inc. (NYSE:EOG) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 190,560 shares of the energy exploration company’s stock after selling 1,958 shares during the period. Confluence Investment Management LLC’s holdings in EOG Resources were worth $23,359,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in EOG. Northwest Investment Counselors LLC bought a new position in shares of EOG Resources during the third quarter valued at approximately $26,000. Eastern Bank bought a new stake in shares of EOG Resources during the third quarter worth $28,000. Capital Performance Advisors LLP bought a new position in shares of EOG Resources in the third quarter worth about $31,000. HM Payson & Co. increased its stake in EOG Resources by 203.7% in the 3rd quarter. HM Payson & Co. now owns 328 shares of the energy exploration company’s stock worth $40,000 after buying an additional 220 shares during the period. Finally, Matrix Trust Co purchased a new stake in EOG Resources in the 3rd quarter valued at about $43,000. 89.91% of the stock is currently owned by institutional investors.

Insider Activity

In other EOG Resources news, Director Janet F. Clark sold 568 shares of EOG Resources stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total transaction of $76,867.44. Following the completion of the sale, the director now directly owns 43,532 shares in the company, valued at approximately $5,891,185.56. The trade was a 1.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

EOG Resources Stock Performance

Shares of NYSE:EOG traded up $2.15 on Thursday, hitting $124.73. 787,054 shares of the company were exchanged, compared to its average volume of 3,140,217. The company has a current ratio of 2.31, a quick ratio of 2.07 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $127.18 and its 200 day moving average price is $126.41. EOG Resources, Inc. has a 1-year low of $108.94 and a 1-year high of $139.67. The firm has a market capitalization of $70.15 billion, a P/E ratio of 10.04, a price-to-earnings-growth ratio of 3.39 and a beta of 1.29.

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

EOG Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Friday, January 17th. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s payout ratio is presently 31.40%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. UBS Group decreased their price target on shares of EOG Resources from $167.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their target price on EOG Resources from $143.00 to $135.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Benchmark restated a “hold” rating on shares of EOG Resources in a report on Tuesday, November 12th. Scotiabank dropped their target price on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Finally, Raymond James boosted their price target on shares of EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Thirteen analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $143.50.

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.