Connective Portfolio Management LLC Makes New Investment in EOG Resources, Inc. (NYSE:EOG)

Connective Portfolio Management LLC purchased a new position in EOG Resources, Inc. (NYSE:EOG) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,000 shares of the energy exploration company’s stock, valued at approximately $769,000. EOG Resources accounts for approximately 2.6% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 18th biggest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EOG. Mainstream Capital Management LLC bought a new position in EOG Resources in the 4th quarter worth approximately $25,000. Lee Danner & Bass Inc. bought a new position in EOG Resources in the 4th quarter worth approximately $28,000. Heritage Wealth Advisors boosted its stake in EOG Resources by 562.2% in the 4th quarter. Heritage Wealth Advisors now owns 245 shares of the energy exploration company’s stock worth $30,000 after purchasing an additional 208 shares during the period. Ameriflex Group Inc. bought a new position in EOG Resources in the 4th quarter worth approximately $36,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in EOG Resources in the 4th quarter worth approximately $40,000. 89.91% of the stock is currently owned by institutional investors.

EOG Resources Stock Performance

NYSE:EOG opened at $125.40 on Friday. The stock’s fifty day moving average is $113.49 and its 200 day moving average is $121.62. EOG Resources, Inc. has a fifty-two week low of $102.52 and a fifty-two week high of $138.18. The firm has a market capitalization of $68.44 billion, a PE ratio of 11.63, a PEG ratio of 10.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.71 and a current ratio of 1.87.

EOG Resources (NYSE:EOG) last released its earnings results on Thursday, May 1st. The energy exploration company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.75 by $0.12. EOG Resources had a return on equity of 22.35% and a net margin of 26.14%. The business had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same quarter last year, the firm posted $2.82 earnings per share. The business’s revenue was down 7.4% compared to the same quarter last year. On average, sell-side analysts anticipate that EOG Resources, Inc. will post 11.47 earnings per share for the current year.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be paid a $1.02 dividend. This is a positive change from EOG Resources’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Friday, October 17th. This represents a $4.08 dividend on an annualized basis and a yield of 3.25%. EOG Resources’s dividend payout ratio (DPR) is presently 36.18%.

Insiders Place Their Bets

In other EOG Resources news, COO Jeffrey R. Leitzell sold 4,037 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $127.76, for a total value of $515,767.12. Following the sale, the chief operating officer now owns 47,732 shares in the company, valued at $6,098,240.32. This trade represents a 7.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on EOG. Royal Bank Of Canada restated an “outperform” rating and issued a $145.00 price target on shares of EOG Resources in a research note on Friday. Bank of America dropped their price target on EOG Resources from $125.00 to $124.00 and set a “neutral” rating for the company in a research note on Friday, May 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $148.00 target price (up from $144.00) on shares of EOG Resources in a research report on Friday, June 13th. Scotiabank upgraded EOG Resources from a “sector perform” rating to a “sector outperform” rating and lowered their target price for the company from $150.00 to $130.00 in a research report on Friday, April 11th. Finally, KeyCorp lowered their target price on EOG Resources from $150.00 to $140.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Twelve analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $139.48.

EOG Resources Company Profile

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.