Bank of Montreal Can Sells 417,626 Shares of EOG Resources, Inc. (NYSE:EOG)

Bank of Montreal Can lessened its holdings in shares of EOG Resources, Inc. (NYSE:EOG) by 36.3% during the third quarter, Holdings Channel reports. The firm owned 733,694 shares of the energy exploration company’s stock after selling 417,626 shares during the quarter. Bank of Montreal Can’s holdings in EOG Resources were worth $89,834,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in EOG Resources in the third quarter worth about $26,000. Riverview Trust Co purchased a new stake in EOG Resources during the second quarter valued at $27,000. MFA Wealth Advisors LLC bought a new position in shares of EOG Resources in the 2nd quarter worth approximately $28,000. Eastern Bank purchased a new stake in EOG Resources during the third quarter valued at approximately $28,000. Finally, Gladius Capital Management LP purchased a new position in EOG Resources during the second quarter valued at $30,000. 89.91% of the stock is owned by hedge funds and other institutional investors.

EOG Resources Stock Performance

Shares of NYSE:EOG 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 firm has a market cap of $74.55 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 3.62 and a beta of 1.28. The firm’s 50 day simple moving average is $128.34 and its 200-day simple moving average is $126.18. EOG Resources, Inc. has a one year low of $108.94 and a one year high of $139.67.

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 given a dividend of $0.975 per share. The ex-dividend date of this dividend is Friday, January 17th. This is a positive change from EOG Resources’s previous quarterly dividend of $0.91. This represents a $3.90 dividend on an annualized basis and a yield of 2.94%. EOG Resources’s payout ratio is 31.40%.

EOG Resources declared that its board has approved a stock buyback program on Thursday, November 7th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the energy exploration company to repurchase up to 7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley reduced their target price on shares of EOG Resources from $134.00 to $132.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Scotiabank decreased their price objective on shares of EOG Resources from $150.00 to $140.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $145.00 target price on shares of EOG Resources in a report on Monday, October 14th. Raymond James raised their price target on EOG Resources from $156.00 to $167.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Finally, StockNews.com lowered EOG Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 16th. Fifteen research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $144.20.

Insiders Place Their Bets

In other news, Director Janet F. Clark sold 568 shares of the company’s stock in a transaction that occurred 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 owns 43,532 shares of the company’s stock, valued at approximately $5,891,185.56. This represents a 1.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

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.