EOG Resources (NYSE:EOG) to Buyback $5.00 billion in Shares

EOG Resources (NYSE:EOG) declared that its Board of Directors has approved a stock repurchase program on Thursday, November 7th, RTT News reports. The company plans to repurchase $5.00 billion in shares. This repurchase authorization permits the energy exploration company to buy up to 7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

EOG Resources Stock Performance

Shares of EOG stock opened at $134.12 on Friday. EOG Resources has a 1-year low of $108.94 and a 1-year high of $139.67. The company has a current ratio of 2.12, a quick ratio of 1.89 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $76.26 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 3.35 and a beta of 1.28. The stock’s fifty day simple moving average is $125.19 and its 200-day simple moving average is $126.08.

EOG Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a $0.975 dividend. The ex-dividend date is Friday, January 17th. This represents a $3.90 dividend on an annualized basis and a yield of 2.91%. This is an increase from EOG Resources’s previous quarterly dividend of $0.91. EOG Resources’s payout ratio is 31.40%.

Analyst Ratings Changes

Several brokerages have recently commented on EOG. Wolfe Research began coverage on EOG Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial reduced their price objective on EOG Resources from $130.00 to $115.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Sanford C. Bernstein reduced their price objective on EOG Resources from $139.00 to $125.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Evercore ISI reduced their price objective on EOG Resources from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Finally, Barclays reduced their price objective on EOG Resources from $144.00 to $137.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Thirteen investment 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 stock. According to MarketBeat, EOG Resources presently has an average rating of “Hold” and an average price target of $141.20.

Insider Buying and Selling at EOG Resources

In other news, Director Charles R. Crisp sold 6,500 shares of the company’s stock in a transaction dated 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 sale, the director now owns 60,892 shares in the company, valued at approximately $7,648,035.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Charles R. Crisp sold 6,500 shares of the company’s stock in a transaction dated 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 sale, the director now owns 60,892 shares in the company, valued at approximately $7,648,035.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael P. Donaldson sold 11,037 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 74,250 shares of the company’s stock, valued at $9,615,375. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

About EOG Resources

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.