UPDATE: Stifel Nicolaus Raises PT on EOG Resources Following Strong Quarter Report
In a report published Wednesday, Stifel Nicolaus analyst Amir Arif reiterated a Buy rating on EOG Resources (NYSE: EOG), and raised the price target from $150.00 to $200.00.
In the report, Stifel Nicolaus noted, “Yesterday after the close, EOG reported another strong quarter, which included a meaningful CF beat, a meaningful increase to 2013 liquids production guidance with no change to its capex outlook, positive FCF well ahead of our YE13 expectation, and Eagle Ford well results that continued to show improvements. We had previously talked about EOG being a $200 stock in less than 2 years; however, with well results getting better, 2013 guidance improving, and with FCF possibly coming in sooner than we expected, we believe that EOG will achieve that target in less than a year. As a result, we are increasing our 12 month target price from $150 to $200, with the key drivers remaining positive value creation from ongoing production growth and FCF by year-end, based on the current capex spend plans. EOG remains one of our best large cap ideas in the space.”
EOG Resources closed on Tuesday at $153.22.
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