Target Price of EOG Resources (NYSE:EOG) Upgraded to $133.00 by Wunderlich

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By Martin Foley on July 7, 2014 Energy & Solar

On Wednesday, analysts at Wunderlich released their research report and increased the target price of EOG Resources (NYSE:EOG)’s stocks to $133 from $124. The research firm gave the company a ‘buy’ rating and indicated that the price of company’s shares will increase by almost 13.92 percent in the near future.

According to Wunderlich, EOG Resources (NYSE:EOG) was different from its fellow firms in terms of always being the first one to take initiatives. It was the first one to transfer to kerogen shale and the first one to design the plan for crude oil’s transportation via rails. Moreover, the company did not end its struggle with acquiring Eagle Ford Shale and Bakken Play located in Williston basin, instead it tried and got hold of Wolfcamp Shale and Leonard Play as well. Apart from acquiring new lands, the company also discovered 4 fresh plays in its acreage, thus adding, in its new resources, around 400 million boe. Wunderlich analysts were of the view that the plays in Eagle Ford and Williston would do even better; this expectation was one of the reasons why the target price was increased to $133 from $124.

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On Wednesday, the total number of shares that were exchanged reached the figures of 1,677,892, with the highest share price hitting the figures of $116.75. Moreover, the company has a 52-week range of $69.315 to $118.89 whereas its SMA50 and SMA200 were recorded to be at $110 and $96.49 respectively. The company’s P/E is 26.91 and its total market capitalization is $63.804 billion.

On May 5, 2014, EOG Resources (NYSE:EOG) disclosed its financial reports for the first quarter of the year 2014. According to the reports and charts, the company’s EPS was $1.4 whereas the total revenues for the quarter were reported to be $4.08 billion. These figures were much better than the predicted ones: average predicted EPS was $1.20 whereas average predicted revenues were $3.78 billion. The market analyst firms are of the view that the company will give around $5.55 returns per share for the year 2014.

Talking about market research firms, Wunderlich is not the only firm that ran its tests on EOG Resources (NYSE:EOG); other firms also conducted their research on the company. On June 19, the analysts at Goldman reiterated its ‘positive’ ratings on EOG Resources’ stocks. Similarly, KLR group changed the company’s ratings from ‘buy’ to ‘accumulate’, on June 19. Moreover, the analysts at Zacks, on June 26, maintained their ‘neutral’ ratings on EOG Resources (NYSE:EOG)’s stocks while giving the stocks a target price of $122. Fourteen firms have given the stocks a ‘buy’ rating whereas nine firms have recommended a ‘hold’ rating to the company. The current consensus status of the company is ‘buy’ with a consensus price of $114.86.

Moreover, news has it that the Chief Operating Officer of EOG Resources, Gary L. Thomas, sold around 9,880 of the company’s stocks on June 24, at an average selling price of $115.68 per share. News became public when the company filed a report with Securities and Exchange Commission, listing the sale.