UPDATE: Scotia Capital Markets Raises Target to $130 on EOG Resources

Scotia Capital Markets raises its price target on Perform-rated EOG Resources (NYSE: EOG) following solid results and continued success on Eagle Ford.

Scotia Capital Markets says, "Despite in-line volumes of 442 mboe/d, CFPS of $4.72 was ahead of our estimate of $4.19 (cons. at $4.37) on stronger realized pricing. Reserves grew ~5% on an absolute and debt adj./share basis to 2,054 mmboe, which is respectable for a large cap company. Eagle Ford continues to drive growth. Oil & liquids continues to grow and is largely driven by its industry leading position in the highly economic Eagle Ford where the company holds 535,000 net acres in the better parts of the play (oil window)."

EOG closed at $117.62 a share on Friday.