UPDATE Oppenheimer Raises PT to $140 on EOG Resources

Oppenheimer raises its price target $20 to $140 on Outperform-rated EOG Resources EOG as liquids production boosts the company's valuation. Oppenheimer says, "We are raising our price target for EOG to $140 from $120 to reflect its significant reserve and production growth potential in the Eagle Ford, where it is the largest operator, the Bakken, the Barnett and the Permian basin. EOG has led its peers in liquids production growth since 2007 and expects to grow 2012 oil and NGL volumes by 30% and total production by 5.5%, despite an 11% decline in gas production on reduced drilling due to low gas prices. EOG intends to maintain its debt ratio below 30% and narrow the cash flow shortfall from its $7.5B CAPEX through $1.2B in asset sales." EOG closed at 115.62 a share on Tuesday.