Why EOG Resources Shares Are Falling

EOG Resources Inc EOG shares are trading lower by 5.85% to $112.54 Friday afternoon after the company reported mixed fourth-quarter financial results.

What Happened?

EOG Resources reported quarterly earnings of $3.30 per share which missed the analyst consensus estimate of $3.37. The company also reported quarterly sales of $6.72 billion which beat the analyst consensus estimate of $6.62 billion by 1.5%. This sales figure is also a 11.2% increase over sales of $6.04 billion in the same period last year.

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The company also declared a regular quarterly dividend of $0.825 per share and special dividend of $1.00 per share.

Following the report, Credit Suisse analyst William Janela maintains EOG Resources with an Outperform and lowered the price target from $160 to $155.

In a statement Ezra Yacob, Chairman and CEO said: "EOG's 2022 results benefited from our growing portfolio of high-return plays. In a challenging inflationary environment, we leveraged the flexibility provided by our multi-basin plays and decentralized structure to deliver exceptional performance that was within two percent of our original plan for volumes and capital expenditures. Credit goes to the innovative and entrepreneurial teams working collaboratively across our multi-basin portfolio.

According to data from Benzinga Pro, EOG has a 52-week high of $150.88 and a 52-week low of $92.16.