New England Asset Management Inc. Decreases Stake in EOG Resources, Inc. (NYSE:EOG)

New England Asset Management Inc. reduced its holdings in EOG Resources, Inc. (NYSE:EOG) by 20.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,715 shares of the energy exploration company’s stock after selling 2,985 shares during the quarter. New England Asset Management Inc.’s holdings in EOG Resources were worth $1,440,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of EOG Resources during the third quarter valued at approximately $26,000. Riverview Trust Co bought a new position in shares of EOG Resources in the second quarter worth about $27,000. MFA Wealth Advisors LLC bought a new position in EOG Resources during the second quarter valued at approximately $28,000. Eastern Bank bought a new position in EOG Resources during the third quarter valued at approximately $28,000. Finally, Gladius Capital Management LP bought a new position in EOG Resources during the second quarter valued at approximately $30,000. 89.91% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 6,500 shares of the 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 sale, the director now directly owns 60,892 shares in the company, valued at $7,648,035.20. This represents a 9.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael P. Donaldson sold 11,037 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now owns 74,250 shares of the company’s stock, valued at $9,615,375. This trade represents a 12.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on EOG. Wells Fargo & Company dropped their price target on EOG Resources from $140.00 to $135.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Benchmark reiterated a “hold” rating on shares of EOG Resources in a report on Tuesday, November 12th. KeyCorp reduced their price target on EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $145.00 price objective on shares of EOG Resources in a research note on Monday, October 14th. Finally, Truist Financial increased their price objective on EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Fifteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $142.30.

EOG Resources Stock Performance

Shares of EOG stock opened at $136.54 on Tuesday. EOG Resources, Inc. has a 52-week low of $108.94 and a 52-week high of $139.67. The stock has a market cap of $76.80 billion, a PE ratio of 10.99, a price-to-earnings-growth ratio of 3.57 and a beta of 1.28. The business has a 50-day simple moving average of $126.57 and a 200-day simple moving average of $125.99. The company has a quick ratio of 2.07, a current ratio of 2.31 and a debt-to-equity ratio of 0.13.

EOG Resources announced that its board has initiated a stock buyback program on Thursday, November 7th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the energy exploration company to purchase up to 7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

EOG Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a dividend of $0.975 per share. 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. This represents a $3.90 dividend on an annualized basis and a yield of 2.86%. EOG Resources’s dividend payout ratio is 31.40%.

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.