Main Street Financial Solutions LLC Cuts Stake in EOG Resources, Inc. (NYSE:EOG)

Main Street Financial Solutions LLC lessened its holdings in EOG Resources, Inc. (NYSE:EOG) by 15.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,463 shares of the energy exploration company’s stock after selling 798 shares during the period. Main Street Financial Solutions LLC’s holdings in EOG Resources were worth $549,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Northwest Investment Counselors LLC purchased a new position in EOG Resources in the third quarter worth approximately $26,000. Riverview Trust Co acquired a new position in shares of EOG Resources during the second quarter worth $27,000. MFA Wealth Advisors LLC acquired a new position in shares of EOG Resources during the 2nd quarter worth about $28,000. Eastern Bank acquired a new stake in shares of EOG Resources during the 3rd quarter worth about $28,000. Finally, Gladius Capital Management LP purchased a new stake in EOG Resources during the second quarter worth approximately $30,000. Institutional investors and hedge funds own 89.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on EOG shares. KeyCorp dropped their price target on shares of EOG Resources from $157.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Evercore ISI cut 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 note on Monday, September 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $145.00 price target on shares of EOG Resources in a research report on Monday, October 14th. Morgan Stanley dropped their price objective on EOG Resources from $134.00 to $132.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial boosted their target price on EOG Resources from $115.00 to $135.00 and gave the company a “hold” rating in a report on Tuesday. Thirteen equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $142.20.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 6,500 shares of EOG Resources 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 completion of the transaction, the director now directly owns 60,892 shares of the company’s stock, valued at approximately $7,648,035.20. The trade was a 9.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael P. Donaldson sold 11,037 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $129.50, for a total value of $1,429,291.50. Following the sale, the executive vice president now owns 74,250 shares in the company, valued at approximately $9,615,375. The trade was 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.

EOG Resources Price Performance

Shares of EOG opened at $135.19 on Friday. 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 is $125.70 and its two-hundred day moving average is $125.98. EOG Resources, Inc. has a twelve month low of $108.94 and a twelve month high of $139.67. The firm has a market capitalization of $76.04 billion, a PE ratio of 10.88, a P/E/G ratio of 3.53 and a beta of 1.28.

EOG Resources Increases Dividend

The firm also recently disclosed 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. This represents a $3.90 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Friday, January 17th. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s dividend payout ratio is currently 29.31%.

EOG Resources announced that its board has approved a stock repurchase program on Thursday, November 7th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the energy exploration company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.