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EOG Resources

EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2023, it reported net proven reserves of 4.5 billion barrels of oil equivalent. Net production averaged roughly 985,000 barrels of oil equivalent per day in 2023 at a ratio of 71% oil and natural gas liquids and 29% natural gas.

Oil Price Photo by William Potter on Shutterstock

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BP &amp; Trinidad&#39;s NGC reportedly received 2-year license from US Treasury to develop gas fields with Venezuela. Shell &amp; EOG also bidding. Stock info provided.

Lifting The Veil? US Reportedly Authorizes BP &amp; Trinidad&#39;s NGC To Tap Gas Reserves With Venezuela

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BP, Shell, EOG bid on 4 blocks for oil and gas exploration in Trinidad&#39;s 2023 auction. No other bidders, results in 4 months. Trinidad makes changes to attract bids.

Trinidad&#39;s Shallow Water Auction: BP, Shell, EOG Reportedly Placed Bet Lured By New Terms

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Crescent Energy Co (NYSE:CRGY) is set to acquire SilverBow Resources Inc (NYSE:SBOW) for $2.1 billion, enhancing its Eagle Ford shale operations.

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EOG Resources Inc

EMERALD OIL & GAS NL ORD by Emerald Oil & Gas NL

Emerald Resources NL

Over the past five days, the S&amp;P 500 index dipped by 0.17%. The technology sector, represented by the SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), <a href="https://www.benzinga.com/quote/XLE/news">declined by 2.23%</a>.
In stark contrast, the energy sector — tracked by the SPDR Select Sector Fund &#8211; Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) — surged by 2.20%.
This divergence highlights the energy sector as a bright spot worth watching. Here are five energy stocks that have stood out with their recent performance:
<ol>
<li>Baker Hughes Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) Baker Hughes soared by 7.25%, reflecting strong momentum and solid positioning within the energy market. The company's focus on advanced technology and services for oil and gas exploration makes it a vital player in the industry.</li>
<li>Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) Exxon Mobil climbed 4.60%, demonstrating its resilience and dominance as a key player in the energy sector. As one of the largest publicly traded energy providers, Exxon Mobil&#8217;s extensive operations span the globe, ensuring its pivotal role in meeting global energy demands.</li>
<li>Diamondback Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) Diamondback Energy rose by 4.28%, showcasing its potential for continued growth amidst favorable market conditions. This independent oil and natural gas company focuses on the acquisition, development, and exploration of unconventional onshore oil and natural gas reserves, primarily in the Permian Basin.</li>
<li>Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) Marathon Oil increased by 4.28%, highlighting investor confidence and its strategic importance in the energy landscape. With a strong portfolio of assets in the United States and internationally, Marathon Oil&#8217;s efficient operations and strategic investments drive its competitive edge.</li>
<li>EOG Resources Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) EOG Resources added 4.25%, indicating robust performance and strong investor interest in its growth prospects. Known for its disciplined capital allocation and focus on high-return projects, EOG Resources has established itself as a leader in crude oil and natural gas exploration and production.</li>
</ol>
Also Read: <a href="https://www.benzinga.com/markets/equities/24/06/39496437/exxon-ex-execs-new-firm-to-partner-on-guyanas-next-gas-project-report">Exxon Ex-Exec&#8217;s New Firm To Partner On Guyana&#8217;s Next Gas Project: Report</a>
As the tech sector undergoes corrections, the energy sector's rise offers a compelling alternative. Keeping an eye on these energy stocks could provide strategic opportunities for savvy investors looking to capitalize on the current market dynamics.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/partner/commodities/24/06/39522399/1-8-trillion-investment-in-clean-energy-in-2023-highlights-importance-of-critical-materials">$1.8 Trillion Investment In Clean Energy In 2023 Highlights Importance Of Critical Materials</a></li>
</ul>

Keybanc analyst Tim Rezvan initiates coverage on EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) with a Overweight rating and announces Price Target of $157.

Price Target

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Keybanc Initiates Coverage On EOG Resources with Overweight Rating, Announces Price Target of $157

EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) has outperformed the market over the past 20 years by 2.96% on an annualized basis producing an average annual return of 11.15%. Currently, EOG Resources has a market capitalization of $70.98 billion. 
Buying $1000 In EOG: If an investor had bought $1000 of EOG stock 20 years ago, it would be worth $8,367.78 today based on a price of $123.50 for EOG at the time of writing.
<h3>EOG Resources's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1719248425_0_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 20 Years Ago Would Be Worth $8,400 Today

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Shares of several oil and gas companies are trading higher amid a rise in the price of crude. Strength is due to potential demand and growing tension in the Middle East.

The U.S. <a href="https://apnews.com/article/us-extreme-heat-wave-f4877dd84b047cdb7f4b5f2ae61da106">faces</a> severe heat waves, impacting areas from the Midwest into much of the Ohio Valley, Great Lakes, Northeast, and Mid-Atlantic through <a href="https://www.benzinga.com/topic/weather">the next few days.</a>
According to the latest updates from the National Oceanic and Atmospheric Administration (NOAA), high temperatures and warm overnight lows will likely challenge daily and even some monthly records.
Heat index readings are expected to peak from 100 to 105 degrees in many locations. 
&#8220;Those without access to reliable air conditioning are urged to find a way to cool down. Record warm overnight temperatures will prevent natural cooling and allow the heat danger to build over time indoors without air conditioning,&#8221; the NOAA wrote.
<h3 class="wp-block-heading">Increased Demand and Rising Prices</h3>
During heat waves, electricity demand typically surges. People rely heavily on air conditioning to cool their homes and businesses.
This surge in electricity use typically drives up natural gas prices. For example, in June 2023, U.S. natural gas prices — as tracked by the US Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) — climbed for four consecutive weeks due to elevated temperatures boosting electricity demand.
A similar trend is emerging this year. <a href="https://www.benzinga.com/news/21/08/22684772/henry-hub-remains-the-center-of-natural-gas-markets">Henry Hub gas prices</a> are poised for their third consecutive month of increases, fueled by higher-than-average temperatures in late spring.
<h3 class="wp-block-heading">Analyst Insights</h3>
As the summer of 2024 heats up, investors and analysts are closely watching the implications of soaring temperatures on natural gas prices and related stocks. 
Eli Rubin, a senior analyst at EBW Analytics Group, told Natural Gas Intelligence that the market is poised to seize upon the heat theme throughout the summer. 
&#8220;Chances for significantly hotter-than-normal weather during July and August could raise natural gas demand and drive prices higher,&#8221; Rubin stated.
Cooling degree days (CDD) are increasing. Forecasters use these to estimate the energy demand for air conditioning. DTN's 15-day forecast called for 57 CDD above the 30-year averages, with every single day exceeding peak summer CDD averages.
The combination of shrinking storage surpluses and scorching record heat could drive natural gas prices to exceed long-term fundamentals over the next 30-45 days. &#8220;Medium-term bullish upside is likely, but it is increasingly dependent on blistering weather forecasts coming to fruition,&#8221; Rubin added.
In major areas across the Midwest and Northeast, observers expect heat waves to span at least three days with temperatures of 90 degrees or higher. And tropical storm Alberto — the first tropical storm of the hurricane season — is <a href="https://www.nbcnews.com/news/us-news/tropical-storm-texas-extreme-heat-wave-northeast-rcna157893">currently</a> aiming for Texas and Mexico, putting the Gulf Coast region on flood watch.
AccuWeather forecasts that these high temperatures will likely persist throughout the week, contributing to increased natural gas consumption. &#8220;The increased demand for cooling is going to be a problem here. This could have some impacts on the power grid,&#8221; AccuWeather meteorologist Bernie Rayno warned.
<a href="https://www.benzinga.com/news/24/06/39360337/heat-wave-hits-us-10-stocks-to-watch-during-junes-sweltering-temperatures">Heat Wave Hits US: 10 Stocks To Watch During June&#8217;s Sweltering Temperatures</a>
<h3 class="wp-block-heading">10 Stocks To Watch</h3>
Here are some key stocks for investors to watch:
<ul>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>):&nbsp;The largest producer of natural gas in the United States, focusing on the Appalachian Basin.</li>
<li>Chesapeake Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NYSE">CHK</a>): A leading producer of natural gas, oil, and natural gas liquids in the U.S.</li>
<li>Cheniere Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>):&nbsp;The top exporter of liquefied natural gas (LNG) in the U.S., operating the Sabine Pass and Corpus Christi LNG terminals.</li>
<li>Canadian Natural Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>):&nbsp;One of the largest independent producers of crude oil and natural gas in the world.</li>
<li>Antero Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>)&nbsp;A top producer of natural gas and natural gas liquids, primarily operating in the Appalachian Basin.</li>
<li>EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>)&nbsp;A producer of crude oil and natural gas, with operations across the U.S.</li>
<li>Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>)&nbsp;A major energy infrastructure company, operating one of the largest natural gas pipeline networks in North America. The company&#8217;s extensive midstream assets are critical for the transportation and storage of natural gas.</li>
<li>Diamondback Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)&nbsp;An independent oil and natural gas company with significant operations in the Permian Basin.</li>
<li>ONEOK Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>)&nbsp;A leading midstream service provider, focusing on natural gas gathering, processing, storage, and transportation.</li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)&nbsp;An integrated power company combining power generation, retail electricity, and natural gas-fired power plants.</li>
</ul>
Now Read: <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">NOAA Meteorologists Predict Aggressive Hurricane Season: What It Means For Home Depot, Generac, Other Storm-Related Stocks</a>
Image by Ron Porter from Pixabay

Houston American Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUSA#NYSE">HUSA</a>) today announced plans to participate in the drilling of six wells, each well consisting of an approximate 3 mile lateral, on the State Finkle Unit in the Wolfcamp formation in Reeves County, Texas. &nbsp;
EOG Resources will act as operator of the unit and is the principal working interest owner in the unit. The unit includes acreage subject to our existing O'Brien lease. We will hold an approximately 0.0078 working interest in the unit. The first well is scheduled to spud by June 30, 2024 with all six wells anticipated to be spud by September 1, 2024. Houston American's cost of participating in the drilling program is estimated at $600,000.

HUSA

Houston American Energy Announces Drilling Plans On Finkle Unit In Reeves County; First Well Is Scheduled To Spud By June 30, 2024 With All 6 Wells Anticipated To Be Spud By September 1, 2024, Cost Of Participating In The Drilling Program Is Estimated At $600K

EOG Resources Says Co Will Continue To Look At Both Acquisition Opportunities And Organic Growth Opportunities

Analysts' ratings for EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) over the last quarter vary from bullish to bearish, as provided by 20 analysts.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">10</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for EOG Resources, presenting an average target of $145.8, a high estimate of $163.00, and a low estimate of $124.00. Marking an increase of 2.59%, the current average surpasses the previous average price target of $142.12. 
<img src="https://www.benzinga.com/files/images/story/2024/1718380870_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A clear picture of EOG Resources's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Noah Hungness</td>
<td>B of A Securities</td>
<td>Announces</td>
<td>Buy</td>
<td>$151.00</td>
<td>-</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$130.00</td>
<td>$124.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Hold</td>
<td>$136.00</td>
<td>$163.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$154.00</td>
<td>$153.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$156.00</td>
<td>$140.00</td>
</tr>
<tr>
<td>David Deckelbaum</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Hold</td>
<td>$144.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Derrick Whitfield</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Buy</td>
<td>$150.00</td>
<td>$153.00</td>
</tr>
<tr>
<td>Tim Rezvan</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$157.00</td>
<td>$147.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Positive</td>
<td>$155.00</td>
<td>$147.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$153.00</td>
<td>$141.00</td>
</tr>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$133.00</td>
<td>$132.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$140.00</td>
<td>$138.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$155.00</td>
<td>$135.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$144.00</td>
<td>-</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$145.00</td>
<td>-</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$163.00</td>
<td>$165.00</td>
</tr>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$132.00</td>
<td>$131.00</td>
</tr>
<tr>
<td>Arun Jayaram</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$141.00</td>
<td>$134.00</td>
</tr>
<tr>
<td>Derrick Whitfield</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Buy</td>
<td>$153.00</td>
<td>$163.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$124.00</td>
<td>$120.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to EOG Resources. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of EOG Resources compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of EOG Resources's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of EOG Resources's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/EOG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on EOG Resources analyst ratings.</a>
<h2>Get to Know EOG Resources Better</h2>
EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2023, it reported net proven reserves of 4.5 billion barrels of oil equivalent. Net production averaged roughly 985,000 barrels of oil equivalent per day in 2023 at a ratio of 71% oil and natural gas liquids and 29% natural gas.
<h3>Unraveling the Financial Story of EOG Resources</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
Revenue Growth: EOG Resources's remarkable performance in 3 months is evident. As of 31 March, 2024, the company achieved an impressive revenue growth rate of 4.57%. This signifies a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Energy sector.
Net Margin: EOG Resources's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 30.67%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): EOG Resources's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 6.31%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): EOG Resources's ROA excels beyond industry benchmarks, reaching 4.04%. This signifies efficient management of assets and strong financial health.
Debt Management: With a below-average debt-to-equity ratio of 0.14, EOG Resources adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Analyst Ratings: Simplified</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Outlook: EOG Resources Through The Eyes Of 20 Analysts

B of A Securities analyst Noah Hungness reinstates EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) with a Buy and announces $151 price target.

B of A Securities Reinstates Buy on EOG Resources, Announces $151 Price Target

EOG Resources's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) short percent of float has fallen 8.54% since its last report. The company recently reported that it has 8.62 million shares sold short, which is 1.5% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.62 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>EOG Resources Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1718310621_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for EOG Resources has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing EOG Resources's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, EOG Resources's peer group average for short interest as a percentage of float is 7.69%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About EOG Resources?

EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) has outperformed the market over the past 20 years by 3.31% on an annualized basis producing an average annual return of 11.34%. Currently, EOG Resources has a market capitalization of $69.66 billion. 
Buying $1000 In EOG: If an investor had bought $1000 of EOG stock 20 years ago, it would be worth $8,879.85 today based on a price of $121.21 for EOG at the time of writing.
<h3>EOG Resources's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717707629_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 20 Years Ago Would Be Worth $8,900 Today

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Shares of several oil & gas companies are trading lower following an OPEC+ meeting in which members said they would start phasing out voluntary production cuts in October.

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) and Trinidad and Tobago&#8217;s state energy firm NGC reportedly received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela.
Minister Stuart Young said in a briefing that BP and NGC are now allowed to plan a project involving an offshore reservoir with about 1 trillion cubic feet (tcf) of gas reserves that extends from Venezuela to Trinidad, reported Reuters.
As per the report, the authorization is the second issued by the U.S. for energy projects between the two countries, following a license in 2023 to Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and NGC for the Dragon gas field in Venezuela, which will export gas to Trinidad under the license through October 2025.
Last month, Washington did not renew a broad license allowing Venezuela to freely export its oil and receive investment. However, it has since issued individual authorizations to companies trying to do business in the sanctioned South American country.
Earlier this month, BP&#8217;s spokesperson said that the company&nbsp;had suspended negotiations&nbsp;for Cocuina-Manakin, which on Venezuela&#8217;s side belongs to the Plataforma Deltana project, until receiving U.S. authorization.
Notably, Venezuela plans to start gas exports to secure another source of revenue for the oil-producing country, which has remained under sanctions since 2019.
The report further added the officials said that Venezuela and Trinidad expect to jointly develop a third project involving gas reserves in both countries&#8217; waters, the Loran-Manatee fields.
Yesterday, BP, Shell, and EOG Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) reportedly offered <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39034774/trinidads-shallow-water-auction-bp-shell-eog-reportedly-placed-bet-lured-by-new-terms" rel="noreferrer noopener">six bids to Trinidad and Tobago</a>.
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Price Action: BP shares are down 0.08% at $37.09 premarket at&nbsp;the last check Thursday.

Lifting The Veil? US Reportedly Authorizes BP & Trinidad's NGC To Tap Gas Reserves With Venezuela

DINO

Shares of oil and gas companies are trading lower amid a drop in the price of crude.

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>),&nbsp;Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and&nbsp;EOG Resources, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) reportedly offered six bids to Trinidad and Tobago.
The bids are for four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday, reported Reuters.
There were no other bidders in the auction, and Trinidad&#8217;s Energy Minister Stuart Young said the winners would&nbsp;be announced&nbsp;in four months.
As per&nbsp;the report, all three companies bid for the&nbsp;Modified&nbsp;UC block close to the Teak, Sammaan, and&nbsp;Poui-producing fields.
In particular, EOG bid on three blocks (the Modified UC, the Lower Reverse L, and NCMA 4), Shell had one bid on Modified&nbsp;UC&nbsp;,&nbsp;and BP bid on Modified UC and NCMA 2.&nbsp;
Notably, in October 2023, the Trinidad government had put out 13 blocks for bids.&nbsp;The results reflected that nine&nbsp;of the 13 blocks did not receive any interest, and all the bids were from companies already operating on the Caribbean island.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38317959/bps-new-approach-streamlines-structure-for-efficiency-and-clarity" rel="noreferrer noopener">BP&#8217;s New Approach: Streamlines Structure For Efficiency And Clarity</a>
After&nbsp;its 2019 bid round failed, Trinidad&nbsp;made several changes to&nbsp;the fiscal terms to attract more bids, the report further added. This includes&nbsp;reducing the tax liability for shallow-water producers and raising cost recovery to 60% (from 50%), cutting the windfall tax to 50% (from 70%), boosting the exploration period to eight years (from six years), and lowering the bid fee to $30,000 (from $40,000).
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38969523/shells-lng-gambit-aussie-lng-to-reportedly-quench-asias-thirst" rel="noreferrer noopener">Shell&#8217;s LNG Gambit: Aussie LNG To Reportedly Quench Asia&#8217;s Thirst</a>
Notably, Trinidad is Latin America&#8217;s largest producer of liquefied natural gas (LNG), with an installed capacity of 15 million metric tons annually of super-cooled gas.&nbsp;Also, it is one of the world&#8217;s biggest exporters of methanol and ammonia, but its plants have been operating below&nbsp;full&nbsp;capacity in recent years due to a lack of gas.
Price Action: BP shares are up by 1.03% at $37.10 and SHEL by 0.24% at $70.99 premarket at the last check Tuesday. EOG shares closed lower by 0.61% at $123.27 on Friday. 
Photo via Shutterstock

Trinidad's Shallow Water Auction: BP, Shell, EOG Reportedly Placed Bet Lured By New Terms

Citigroup analyst Scott Gruber maintains EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) with a Neutral and raises the price target from $124 to $130.

Citigroup Maintains Neutral on EOG Resources, Raises Price Target to $130

EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) has outperformed the market over the past 20 years by 3.95% on an annualized basis producing an average annual return of 12.0%. Currently, EOG Resources has a market capitalization of $74.08 billion. 
Buying $100 In EOG: If an investor had bought $100 of EOG stock 20 years ago, it would be worth $970.63 today based on a price of $128.90 for EOG at the time of writing.
<h3>EOG Resources's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1716325269_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 20 Years Ago, You Would Have $1,000 Today

Crescent Energy Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRGY#NYSE">CRGY</a>) has reached an agreement to acquire SilverBow Resources Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBOW#NYSE">SBOW</a>) <a href="https://www.benzinga.com/pressreleases/24/05/b38868983/crescent-energy-to-acquire-silverbow-resources-for-2-1-billion-creating-a-leading-growth-through-a">for $2.1 billion. </a>
This acquisition comes amid a proxy battle involving SilverBow's largest shareholder, Kimmeridge Energy Management Co.
SilverBow shareholders will receive 3.125 shares of Crescent Class A stock for each SilverBow share. Additionally, SilverBow investors have the option to take all or part of the payment in cash at $38 per share, capped at $400 million.
After close, the Crescent board of directors will increase to 11 members with the addition of 2 directors to be designated by SilverBow.&nbsp;
The transaction, which represents an 18% premium over SilverBow&#8217;s last closing price, expands Crescent's operations significantly in the Eagle Ford shale basin in southeastern Texas. 
Crescent, managed by KKR &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) also <a href="https://www.bloomberg.com/news/articles/2024-05-16/crescent-energy-is-said-to-near-2-1-billion-deal-for-silverbow?sref=TBDibEcD">maintains drilling activities in the Rocky Mountain region</a>.
&#8220;The combination with SilverBow, which is expected to be immediately accretive to all key per share metrics, solidifies Crescent as a leading operator in the Eagle Ford and strengthens the company&#8217;s growth platform with increased scale,&#8221; said Crescent CEO David Rockecharlie.
This deal occurs as SilverBow battles Kimmeridge Energy for control of its board. Kimmeridge, holding a 13% stake in SilverBow, has been pushing for board seats after withdrawing its latest takeover bid. 
Proxy advisors Institutional Shareholder Services and Glass Lewis have recommended SilverBow's board nominees.
SilverBow's stock, which has climbed 11% this year, fell 0.6% to $32.35 on Wednesday, valuing the company at approximately $826 million. 
Including debt, SilverBow&#8217;s enterprise value stands at about $1.9 billion. Crescent's shares dropped 0.8% to $12.25, giving it a market capitalization of roughly $2.2 billion.
Over the past three years, Crescent, with 15% ownership by KKR, has completed six acquisitions worth over $2 billion. 
With the addition of SilverBow, Crescent becomes one of the largest operators in the Eagle Ford basin, alongside competitors such as EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) and ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>).
The transaction is expected to be closed by the end of the third quarter of this year. Crescent held $5.3 million in <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001866175/000186617524000053/crgy-20240331.htm">cash and equivalents as of March 31, 2024.</a>
Jefferies LLC and Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) are acting as Crescent's financial advisors for the deal, while BofA Securities Inc. and Evercore are advising SilverBow.
Price Action: CRGY shares are trading lower by 8.8% at $11.16 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38873168/us-inflation-data-prematurely-released-by-accident-yet-traders-missed-golden-oppo">US Inflation Data Prematurely Released By Accident, Yet Traders Missed Golden Opportunity</a>
Photo: Shutterstock

Truist Securities analyst Neal Dingmann downgrades EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) from Buy to Hold and lowers the price target from $163 to $136.

Downgrades

Truist Securities Downgrades EOG Resources to Hold, Lowers Price Target to $136

Revealing a significant insider sell on May 14, Michael P Donaldson, EVP at EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>), as per the latest SEC filing.
What Happened: Donaldson opted to sell 6,418 shares of EOG Resources, according to a Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0000821189/000112760224015292//Archives/edgar/data/821189/000112760224015292/0001127602-24-015292-index.htm">U.S. Securities and Exchange Commission</a> on Tuesday. The transaction's total worth stands at $836,297.
The latest market snapshot at Wednesday morning reveals EOG Resources shares up by 0.32%, trading at $129.84.
<h3>Unveiling the Story Behind EOG Resources</h3>
EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2023, it reported net proven reserves of 4.5 billion barrels of oil equivalent. Net production averaged roughly 985,000 barrels of oil equivalent per day in 2023 at a ratio of 71% oil and natural gas liquids and 29% natural gas.
<h3>EOG Resources's Economic Impact: An Analysis</h3>
Revenue Growth: EOG Resources's remarkable performance in 3 months is evident. As of 31 March, 2024, the company achieved an impressive revenue growth rate of 4.57%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Energy sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Profitability Metrics: Unlocking Value
<ul>
<li>
Gross Margin: With a high gross margin of 67.72%, the company demonstrates effective cost control and strong profitability relative to its peers.
</li>
<li>
Earnings per Share (EPS): EOG Resources's EPS is significantly higher than the industry average. The company demonstrates a robust bottom-line performance with a current EPS of 3.11.
</li>
</ul>
Debt Management: EOG Resources's debt-to-equity ratio is below the industry average. With a ratio of 0.14, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
Analyzing Market Valuation:
<ul>
<li>
Price to Earnings (P/E) Ratio: The P/E ratio of 10.23 is lower than the industry average, implying a discounted valuation for EOG Resources's stock.
</li>
<li>
Price to Sales (P/S) Ratio: A higher-than-average P/S ratio of 3.21 suggests overvaluation in the eyes of investors, considering sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With an EV/EBITDA ratio lower than industry averages at 5.5, EOG Resources could be considered undervalued.
</li>
</ul>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
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<h3>Why Insider Transactions Are Important</h3>
Insider transactions should be considered alongside other factors when making investment decisions, as they can offer important insights.
In the realm of legality, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock.
Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors.
<h3>A Closer Look at Important Transaction Codes</h3>
Surveying the realm of stock transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> often give prominence to those unfolding in the open market, systematically detailed in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C denotes the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000821189">Check Out The Full List Of EOG Resources's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Sell Alert: Michael P Donaldson Cashes Out $836K In EOG Resources Stock

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EOG Resources, Inc. (EOG) J.P. Morgan Energy, Power and Renewables Conference (Transcript)

EOG Resources: Calling A Buy On This Permian Belle

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Tracking William Nygren's Harris Associates Portfolio - Q1 2024 Update

Benchmark Co. analyst Subash Chandra maintained a Hold rating on EOG Resources (EOG – Research Report) today. The company's shares closed yesterday...

Benchmark Co. Keeps Their Hold Rating on EOG Resources (EOG)

In a report released today, Mark Lear from Piper Sandler maintained a Buy rating on EOG Resources (EOG – Research Report), with a price target of $...

Piper Sandler Sticks to Their Buy Rating for EOG Resources (EOG)

IEO: U.S. Oil & Gas Is A Contrarian And Smart Investment

Monthly Options Series: Earn A Potentially Consistent 10% Income (July 2024)

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Press Releases

EOG Resources Reports Fourth Quarter and Full-Year 2023 Results; Announces 2024 Capital Plan

Opinion

Thinking about trading options or stock in Tesla, EOG Resources, Mosaic, Trip.com, or DraftKings?

EOG Resources Schedules Conference Call and Webcast of First Quarter 2024 Results for May 3, 2024

EOG Resources Announces President Billy Helms' Retirement

EOG Resources Reports First Quarter 2024 Results

EOG Resources to Present at Upcoming Conference

LiTHOS Announces Execution of Letter of Intent for Technology to Launch TiERRA™ Re-Injection Service

EOG Resources Schedules Conference Call and Webcast of Second Quarter 2024 Results for August 2, 2024


Carol MillerHouse (R-WV)	$15K - $50K	Purchase	Dec 07, 2023	Nov 03, 2023	House
Robert WittmanHouse (R-VA)	$1K - $15K	Sale	Oct 19, 2023	Sep 28, 2023	House
Robert WittmanHouse (R-VA)	$1K - $15K	Purchase	Jan 09, 2022	Dec 16, 2021	House

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EOG Resources Inc

top performing EOG trades