EOG Resources (EOG) Advances While Market Declines: Some Information for Investors
The latest trading session saw EOG Resources (EOG) ending at $115.54, denoting a +0.6% adjustment from its last day's close. This change outpaced the S&P 500's 0.07% loss on the day. Meanwhile, the Dow gained 0.16%, and the Nasdaq, a tech-heavy index, lost 0.36%.
Coming into today, shares of the oil and gas company had lost 5.34% in the past month. In that same time, the Oils-Energy sector lost 2.53%, while the S&P 500 gained 3.05%.
The investment community will be closely monitoring the performance of EOG Resources in its forthcoming earnings report. The company is scheduled to release its earnings on February 22, 2024. The company is predicted to post an EPS of $3.25, indicating a 1.52% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $6.3 billion, down 6.28% from the prior-year quarter.
Any recent changes to analyst estimates for EOG Resources should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 10.54% lower within the past month. EOG Resources is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that EOG Resources has a Forward P/E ratio of 9.52 right now. For comparison, its industry has an average Forward P/E of 8.3, which means EOG Resources is trading at a premium to the group.
One should further note that EOG currently holds a PEG ratio of 0.33. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 0.66.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 245, positioning it in the bottom 3% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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EOG Resources, Inc. (EOG) : Free Stock Analysis Report
