Stephens initiated coverage of EOG Resources (EOG) with an Equal Weight rating and $137 price target With a “best-in-class, under-levered” balance sheet and projected free cash flow of about $4B, the company is well-positioned to aggressively repurchase shares, while the firm anticipates capital efficiencies will continue to improve as longer laterals reduce the company’s “peer-leading” Delaware Basin and Eagle Ford well costs. EOG could pivot development toward gas-weighted assets if natural gas markets remain strong on the heels of the recent Encino acquisition, the firm added.
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