Cadence Bank Raises Stake in EOG Resources, Inc. (NYSE:EOG)

Cadence Bank increased its holdings in EOG Resources, Inc. (NYSE:EOG) by 1.5% during the third quarter, Holdings Channel.com reports. The firm owned 88,442 shares of the energy exploration company’s stock after acquiring an additional 1,294 shares during the quarter. EOG Resources accounts for 0.7% of Cadence Bank’s investment portfolio, making the stock its 27th largest holding. Cadence Bank’s holdings in EOG Resources were worth $10,872,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of EOG Resources during the first quarter valued at approximately $312,000. B. Riley Wealth Advisors Inc. boosted its holdings in shares of EOG Resources by 32.4% during the first quarter. B. Riley Wealth Advisors Inc. now owns 14,763 shares of the energy exploration company’s stock worth $1,871,000 after purchasing an additional 3,613 shares during the period. Tidal Investments LLC boosted its holdings in shares of EOG Resources by 13.3% during the first quarter. Tidal Investments LLC now owns 51,003 shares of the energy exploration company’s stock worth $6,518,000 after purchasing an additional 5,972 shares during the period. Hancock Whitney Corp bought a new position in EOG Resources during the 1st quarter valued at approximately $208,000. Finally, iA Global Asset Management Inc. lifted its holdings in EOG Resources by 13.8% in the 1st quarter. iA Global Asset Management Inc. now owns 82,063 shares of the energy exploration company’s stock worth $10,491,000 after buying an additional 9,948 shares during the period. 89.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EOG. Scotiabank decreased their target price on EOG Resources from $150.00 to $140.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Raymond James boosted their target price on EOG Resources from $156.00 to $167.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Benchmark reiterated a “hold” rating on shares of EOG Resources in a report on Tuesday, November 12th. 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 report on Monday, September 30th. Finally, Wells Fargo & Company upped their price objective on EOG Resources from $135.00 to $147.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. Fifteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $144.20.

EOG Resources Price Performance

EOG Resources stock opened at $132.54 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 2.31. The company has a market capitalization of $74.55 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 3.51 and a beta of 1.28. The company’s 50 day simple moving average is $128.34 and its 200-day simple moving average is $126.18. EOG Resources, Inc. has a 1 year low of $108.94 and a 1 year high of $139.67.

EOG Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a dividend of $0.975 per share. This is a boost from EOG Resources’s previous quarterly dividend of $0.91. The ex-dividend date is Friday, January 17th. This represents a $3.90 annualized dividend and a yield of 2.94%. EOG Resources’s payout ratio is presently 29.31%.

EOG Resources announced that its board has authorized a stock buyback plan on Thursday, November 7th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at EOG Resources

In related news, Director Janet F. Clark sold 568 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $135.33, for a total value of $76,867.44. Following the completion of the sale, the director now directly owns 43,532 shares of the company’s stock, valued at $5,891,185.56. The trade was a 1.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

EOG Resources 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.