AI Prospecting for EOG Resources

EOG Resources reported strong third-quarter 2024 results, exceeding expectations with higher oil and total volumes. The company raised its regular dividend by 7% to 97.5 cents per share and increased its share repurchase authorization by $5 billion. EOG generated $1.5 billion in free cash flow and returned $1.3 billion to shareholders[1][2][4].

EOG Resources reported third-quarter 2024 revenues of $5.96 billion, slightly below the Zacks Consensus Estimate of $6.03 billion. Despite lower crude oil and NGL prices, the company saw a 7.7% year-over-year increase in total volumes to 99 million barrels of oil equivalent. EOG's natural gas prices increased, and the company maintained a strong liquidity position with $6.1 billion in cash and cash equivalents as of September 30, 2024[2][3].

JPMorgan raised EOG Resources' price target to $141 from $132, citing expectations of natural gas producers benefiting from significant LNG export capacity, rising power demand, and coal-to-gas switching, which may drive long-term gas prices above $3.50 per MMBtu[2]. Edgestream Partners L.P. acquired a new position in EOG Resources, buying 11,473 shares valued at approximately $1,410,000 in the third quarter[3]. EOG Resources announced a $5 billion increase in its share repurchase authorization, allowing for the repurchase of up to 7% of its stock, and reported a low payout ratio of 29.2% and a cash payout ratio of 36.8%, indicating well-covered dividends[1][4].