Virtus Investment Advisers LLC significantly decreased its stake in EOG Resources, Inc. (NYSE:EOG) by 88.7% during the second quarter of 2023, according to a report from HoldingsChannel.com. The fund’s holdings were reduced to 1,369 shares after selling 10,799 shares in that period, bringing the total value of its investment in EOG to approximately $164,000.
Other institutional investors have also adjusted their positions in EOG Resources. Notably, Banque Cantonale Vaudoise acquired a new stake worth about $26,000 in the first quarter, while the Saudi Central Bank invested approximately $28,000. Caitong International Asset Management Co. Ltd notably increased its holdings by an astonishing 10,950.0%, now owning 221 shares valued at $26,000 after purchasing an additional 219 shares. Raleigh Capital Management Inc. and WPG Advisers LLC also entered new positions in EOG Resources, with investments valued at around $29,000 and $36,000, respectively. Institutional investors now control 89.91% of the company’s stock.
EOG Resources’ shares opened at $107.58 on the trading day following the report. The company’s fifty-day simple moving average stands at $108.74, while its 200-day moving average is $115.18. EOG’s market capitalization is approximately $58.37 billion, with a price-to-earnings (P/E) ratio of 10.45 and a P/E to growth (P/E/G) ratio of 8.20. The company’s beta is 0.72, indicating lower volatility compared to the broader market. Over the past twelve months, EOG Resources has seen its stock fluctuate between a low of $102.52 and a high of $138.18.
Dividend Announcement and Analyst Insights
EOG Resources has announced a quarterly dividend of $1.02, scheduled for payment on January 30, 2024. Shareholders on record as of January 16, 2024 will receive this dividend, translating to an annualized dividend of $4.08 and a dividend yield of 3.8%. The company’s current dividend payout ratio stands at 40.64%.
Recent analyst reports reflect varying views on EOG Resources. Sanford C. Bernstein downgraded its target price from $146.00 to $144.00, maintaining a “market perform” rating. Conversely, Morgan Stanley raised its price target from $136.00 to $138.00 and assigned an “equal weight” rating. KeyCorp and JPMorgan Chase & Co. also adjusted their targets, reflecting a mix of cautious and optimistic outlooks for the stock. Currently, one analyst rates the stock as a Strong Buy, eleven as a Buy, and sixteen analysts suggest a Hold rating, resulting in an average target price of $140.33.
EOG Resources, Inc. operates primarily in the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas. The company has significant operations in the United States and the Republic of Trinidad and Tobago, among other locations. Originally established as Enron Oil & Gas Company, EOG continues to play a vital role in the energy sector.
For those interested in tracking institutional holdings, HoldingsChannel.com offers updates on recent 13F filings and insider trades related to EOG Resources.
