ING Groep NV Lowers Stock Holdings in EOG Resources, Inc. (NYSE:EOG)

ING Groep NV cut its holdings in shares of EOG Resources, Inc. (NYSE:EOG) by 35.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 76,045 shares of the energy exploration company’s stock after selling 41,789 shares during the quarter. ING Groep NV’s holdings in EOG Resources were worth $9,348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in EOG. Northwest Investment Counselors LLC acquired a new stake in shares of EOG Resources during the 3rd quarter worth $26,000. Riverview Trust Co purchased a new stake in shares of EOG Resources during the 2nd quarter worth about $27,000. MFA Wealth Advisors LLC acquired a new stake in EOG Resources during the 2nd quarter worth approximately $28,000. Eastern Bank purchased a new position in EOG Resources in the third quarter valued at approximately $28,000. Finally, Gladius Capital Management LP acquired a new position in EOG Resources during the second quarter valued at approximately $30,000. 89.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 6,500 shares of the company’s 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 owns 60,892 shares of the company’s stock, valued at $7,648,035.20. This represents a 9.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael P. Donaldson sold 11,037 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was 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. 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 owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of EOG Resources from $115.00 to $135.00 and gave the stock a “hold” rating in a research report on Tuesday. Scotiabank lowered their price target on EOG Resources from $150.00 to $140.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. UBS Group reduced their price objective on EOG Resources from $167.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Piper Sandler lowered their target price on EOG Resources from $154.00 to $147.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Finally, KeyCorp dropped their target price on EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Thirteen research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $142.20.

EOG Resources Price Performance

Shares of EOG opened at $135.19 on Friday. EOG Resources, Inc. has a 12 month low of $108.94 and a 12 month high of $139.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.31 and a quick ratio of 2.07. The stock has a fifty day moving average price of $125.70 and a 200 day moving average price of $125.98. The company has a market cap of $76.04 billion, a P/E ratio of 10.88, a PEG ratio of 3.56 and a beta of 1.28.

EOG Resources declared that its Board of Directors has initiated a share repurchase plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

EOG Resources Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 2.88%. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. The ex-dividend date is Friday, January 17th. EOG Resources’s payout ratio is presently 29.31%.

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.