EOG Resources (EOG)
NYSE:EOG
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EOG Resources
(NYSE:EOG)
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Rating:78Outperform
Price Target:
$148.00
â–²(15.24% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality (healthy margins, conservative leverage, and robust cash generation) and supportive valuation (low P/E and solid dividend yield). Offsetting these strengths, technical indicators show weaker near-term momentum (below key moving averages with slightly negative MACD). The latest earnings call was a net positive, highlighted by disciplined capex, raised oil/NGL guidance, and a strong free-cash-flow and shareholder-return outlook, tempered by gas weakness and macro/geopolitical volatility.
Positive Factors
High Profitability
Sustained, sector-leading TTM margins (gross ~71%, operating ~31%, net ~23%) create a durable earnings buffer vs. price swings. High margins support sustained reinvestment, cover fixed costs, and underpin long-term cash conversion that funds dividends, buybacks and growth.
Negative Factors
Commodity-Driven Revenue Volatility
Top-line and revenue swings tied to commodity prices create persistent earnings and cash-flow volatility. Even with high margins, this cyclicality complicates medium-term planning for capex, dividends and buybacks, increasing the risk that returns and growth must be adjusted across several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained, sector-leading TTM margins (gross ~71%, operating ~31%, net ~23%) create a durable earnings buffer vs. price swings. High margins support sustained reinvestment, cover fixed costs, and underpin long-term cash conversion that funds dividends, buybacks and growth.
Read all positive factors
EOG Resources Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where EOG earns its revenue across different regions, indicating whether growth is broad-based or reliant on a few key areas. Offers insight into diversification, regional operational strengths, and risks from local regulations, infrastructure bottlenecks, or shifts in oil and gas pricing that can quickly change reported sales.
Shows where EOG earns its revenue across different regions, indicating whether growth is broad-based or reliant on a few key areas. Offers insight into diversification, regional operational strengths, and risks from local regulations, infrastructure bottlenecks, or shifts in oil and gas pricing that can quickly change reported sales.
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The Fly
The FlyEOG Resources (EOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$74.71B
Dividend Yield3.79%
Average Volume (3M)4.95M
Price to Earnings (P/E)9.7
Beta (1Y)0.27
Revenue Growth0.31%
EPS Growth-5.71%
CountryUS
Employees3,150
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)10.22
Shares Outstanding532,628,540
10 Day Avg. Volume4,395,808
30 Day Avg. Volume4,951,821
Financial Highlights & Ratios
PEG Ratio-0.60
Price to Book (P/B)1.90
Price to Sales (P/S)2.51
P/FCF Ratio14.41
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue3.43
Enterprise Value/Gross Profit4.82
Enterprise Value/Ebitda6.63
Forecast
1Y Price Target
$152.45Price Target Upside18.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)15.88
Revenue Forecast (FY)$28.15B
EOG Resources Business Overview & Revenue Model
Company Description
EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic...
How the Company Makes Money
EOG makes money primarily by producing and selling hydrocarbons—crude oil, natural gas, and NGLs—from its operated and non-operated wells. Revenue is recognized largely from (1) sales of crude oil to refiners, marketers, and other purchasers; (2) ...
EOG Resources Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, cost reductions, robust free cash flow generation, disciplined capital allocation and aggressive shareholder returns, while acknowledging near-term natural gas weakness, some operational disruptions, exploration timing slippage, and geopolitical volatility. Positives (financial strength, productivity gains, marketing/infrastructure advantages and projected record free cash flow) materially outweigh the contained lowlights and risks, which management is actively mitigating.Positive Updates
Strong Quarterly Financial Results
Generated $1.8 billion in adjusted net income, $1.5 billion in free cash flow, adjusted EPS of $3.41 and adjusted cash flow from operations per share of $5.85 for Q1 2026.
Negative Updates
Near-Term Natural Gas Weakness
Lower 48 storage above the five-year average has pressured gas prices; company is reallocating capital from gas (notably Dorado) to oil, reducing near-term drilling/completions activity in Dorado and lowering its exit rate to just over ~800 MMcf/d.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Financial Results
Generated $1.8 billion in adjusted net income, $1.5 billion in free cash flow, adjusted EPS of $3.41 and adjusted cash flow from operations per share of $5.85 for Q1 2026.
Read all positive updates
Company Guidance
EOG kept 2026 capital spending flat at $6.5 billion while reallocating capital from gas to oil to raise full‑year oil guidance by ~2,000 bbl/d and NGL guidance by ~6,000 bbl/d (Dorado activity modestly reduced, lowering its exit gas target to just over 800 MMcf/d); at current strip and guidance midpoints management projects a record ~$8.5 billion of free cash flow and expects to return at least 70% of FCF to shareholders. In Q1 the company delivered adjusted net income of $1.8 billion, adjusted EPS $3.41, adjusted operating cash flow per share $5.85 and $1.5 billion of free cash flow, returned nearly $950 million (≈$550M regular dividend, ≈$400M repurchases), finished the quarter with >$3.8 billion cash and $4.1 billion net debt (leverage target: total debt <1x EBITDA at $45 WTI / $2.50 Henry Hub). Operational and marketing highlights tied to guidance include 250,000 bbl/d Corpus Christi export capacity, Janus averaging 300 MMscf/d (~94% utilization; 100% in March), Cheniere volumes stepping up to 420,000 MMBtu/day by 2Q plus 300,000 MMBtu/day Henry Hub‑linked supply, a regular dividend breakeven below $50 WTI and an annualized regular dividend near $4.80.EOG Resources Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.48B | 22.57B | 23.38B | 23.18B | 29.49B | 19.67B |
| Gross Profit | 16.74B | 15.37B | 17.70B | 18.24B | 24.62B | 14.32B |
| EBITDA | 12.15B | 11.30B | 12.46B | 13.33B | 13.62B | 9.76B |
| Net Income | 5.50B | 4.98B | 6.40B | 7.59B | 7.76B | 4.66B |
Balance Sheet | ||||||
| Total Assets | 53.38B | 51.80B | 47.19B | 43.86B | 41.37B | 38.24B |
| Cash, Cash Equivalents and Short-Term Investments | 3.85B | 3.40B | 7.09B | 5.28B | 5.97B | 5.21B |
| Total Debt | 8.31B | 8.41B | 5.07B | 4.16B | 5.96B | 5.91B |
| Total Liabilities | 22.47B | 21.97B | 17.84B | 15.77B | 16.59B | 16.06B |
| Stockholders Equity | 30.91B | 29.83B | 29.35B | 28.09B | 24.78B | 22.18B |
Cash Flow | ||||||
| Free Cash Flow | 4.23B | 3.93B | 5.77B | 5.16B | 6.09B | 4.94B |
| Operating Cash Flow | 10.72B | 10.04B | 12.14B | 11.34B | 11.09B | 8.79B |
| Investing Cash Flow | -11.05B | -10.94B | -5.97B | -6.34B | -5.06B | -3.42B |
| Financing Cash Flow | -2.42B | -2.80B | -4.36B | -5.69B | -5.27B | -3.49B |
EOG Resources Technical Analysis
Neutral
128.43
Price Trends
130.38
Negative
118.07
Positive
115.10
Positive
Market Momentum
0.10
Positive
39.06
Neutral
11.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOG, the sentiment is Neutral. The current price of 128.43 is below the 20-day moving average (MA) of 139.18, below the 50-day MA of 130.38, and above the 200-day MA of 115.10, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 39.06 is Neutral, neither overbought nor oversold. The STOCH value of 11.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EOG.
EOG Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $74.71B | 9.71 | 18.28% | 3.79% | 0.31% | -5.71% | |
73 Outperform | $35.16B | 6.40 | 14.34% | 1.17% | 50.77% | 800.70% | |
69 Neutral | $149.13B | 18.50 | 11.29% | 3.43% | 1.02% | -25.38% | |
69 Neutral | $57.06B | 65.10 | 14.78% | 2.64% | 1.96% | -18.06% | |
69 Neutral | $59.30B | 4.74 | 12.82% | 2.39% | -15.17% | -66.00% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $57.26B | 97.11 | 1.06% | 2.70% | 18.09% | -94.57% |
* Energy Sector Average
EOG
EOG Resources
140.26
30.23
27.48%
COP
Conocophillips
122.41
34.90
39.88%
DVN
Devon Energy
49.49
17.63
55.32%
EQT
EQT
56.22
1.30
2.37%
OXY
Occidental Petroleum
59.62
18.21
43.96%
FANG
Diamondback
203.56
67.72
49.85%
EOG Resources Corporate Events
Business Operations and StrategyFinancial Disclosures
EOG Resources Issues Q1 2026 Data and Outlook
Neutral
May 5, 2026
EOG Resources has released supplemental financial and operating data for the first quarter of 2026, alongside historical 2025 figures, detailing income statements, balance sheets, cash flow statements and key non‑GAAP financial measures. The...
Business Operations and StrategyFinancial Disclosures
EOG Resources Issues Q4 2025 Results and 2026 Outlook
Neutral
Feb 24, 2026
EOG Resources released detailed supplemental financial and operating data for the fourth quarter and full year 2025, including income statements, cash flow statements, balance sheets and non‑GAAP metrics such as adjusted net income and free ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.