TD Cowen analyst David Deckelbaum has maintained their neutral stance on EOG stock, giving a Hold rating yesterday.
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David Deckelbaum has given his Hold rating due to a combination of factors including EOG Resources’ recent performance and future outlook. The company exceeded expectations in the third quarter with production and EBITDAX surpassing street estimates, while capital expenditures were in line and oil volumes met projections. Despite these positive results, the fourth quarter guidance aligns with previous forecasts and is slightly below consensus, suggesting limited immediate upside potential.
Additionally, EOG’s focus on cost optimization is evident with reduced operating expenses, which has led to an increase in free cash flow estimates. However, while these cost savings and improved free cash flow are promising, the overall capital return strategy and integration of new assets like Encino remain areas to watch. These elements contribute to a cautious approach, resulting in the Hold rating as the market evaluates the company’s ability to sustain these improvements and deliver long-term value.
In another report released yesterday, Roth MKM also assigned a Hold rating to the stock with a $114.00 price target.
Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EOG in relation to earlier this year.