UPDATE: Goldman Sachs Raises PT to $149 on EOG Resources and Adds to Conviction List

Goldman Sachs reiterates its Buy rating on EOG Resources

and raises its price target on shares from $145 to $149. Goldman Sachs comments, "We have added EOG to the Americas Conviction List with 47% upside to our revised $149 6-month target price. Following the recent pullback EOG shares are now close to levels prior to its successful April 2010 analyst meeting, even as over the last two years EOG has dramatically improved its asset base on an absolute and relative basis (adding core positions in our favorite oil plays, Eagle Ford Shale and Wolfcamp Shale) while oil prices have risen. …We believe shares will outperform as the company beats production estimates, shows higher margins than expected, and adds to its resource life without material acreage or corporate acquisitions." EOG closed at $101.75 on Friday.