EOG Resources (NYSE:EOG) Upgraded at Morgan Stanley to Equal-Weight from Equal-Weight Rating

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Morgan Stanley Analyst Rating Change EOG Resources NYSE:EOG

EOG Resources (NYSE:EOG) Rating Improved

In analysts note sent to investors and clients on Wednesday morning, Morgan Stanley increased shares of EOG Resources (NYSE:EOG) to Overweight rating from Equal-Weight rating.

The stock upgrade is well-received by equity trades, as NYSE:EOG is right now trading 1.47% higher at $89.77 as of 2:05 AM New York time. EOG Resources’s stock is 0% over the last 200 days. It has underperformed the S&P 500, which has risen 6.00% over the same time.

Out of 36 analysts covering EOG Resources, 20 rate it a Buy, 20 indicate a Hold while 0 suggest a Sell. The highest target is $114 and the lowest is $69 according to Thomson/First Call. The 12-month mean target is $86.53, which means downside potential of 3.61% over the current price.

Institutional Ownership

Astenbeck Capital Management Llc had the most significant stake with ownership of 262,000 shares as of Q2 2015 for 20.31% of the long stock exposure. Oceanic Investment Management Ltd is another notably bullish investment professional who is possessing 206,000 shares of EOG Resources or 9.56% of their long stock exposure. Furthermore, Kanaly Trust Co have 6.76% of their long stock exposure invested in the company for 329,817 shares. The Massachusetts-based fund Telemark Asset Management Llc revealed it had bought so far a stake worth about 6.02% of the investment professional’s stock portfolio in EOG Resources. The New York-based fund Talara Capital Management Llc is also positive about the stock, possessing 300,000 shares or 4.91% of their long stock exposure.

EOG Resources (NYSE:EOG) Profile

Eog Resources IncEOG Resources, Inc. explores for, develops, produces and markets crude oil and natural gas in major producing basins in the United States, The Republic of Trinidad and Tobago, the United Kingdom, The People’s Republic of China, Canada and, from time to time, select other international areas. Its operations are all crude oil and natural gas exploration and production related. As of December 31, 2016, its total estimated net proved reserves were over 2,147 million barrels of oil equivalent (MMBoe), of which over 1178 million barrels (MMBbl) were crude oil and condensate reserves, over 416 MMBbl were natural gas liquids reserves and over 3318 billion cubic feet, or 553 MMBoe, were natural gas reserves.

EOG Resources (NYSE:EOG) traded up 1.47% on 13 September, hitting $89.77. A total of 539,940 shares of the company’s stock traded hands. This is down from average of 3.16 million shares. EOG Resources has a 52 week low of $81.99 and a 52 week high of $109.37. The company has a market cap of $51.84 billion and a P/E ratio of 0.

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