UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on EOG Resources on Adjusted EPS
In a report published Friday, Bank of America reiterated its Neutral rating on EOG Resources (NYSE: EOG), and raised its price target from $135.00 to $140.00.
Bank of America noted, “EOG delivered another solid quarter. It also delivered a stellar resource update with material additions in both the Eagleford and Permian adding to an already impressive drilling inventory. However additions are long dated. Accordingly, the value implications are modest and with this backdrop the story has not materially changed. While this makes for consistent performance by management it is no more than is already captured in a multiple we believe discounts delivery. Modest adjustments to the drilling pace (more oil, less gas) nudges our PO to $140; but vs other stocks we continue to view EOG as priced for perfection. Neutral.”
EOG Resources closed on Thursday at $133.33.
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