EOG Resources (EOG) Stock Declines While Market Improves: Some Information for Investors
In the latest trading session, EOG Resources (EOG) closed at $129.94, marking a -1.29% move from the previous day. This change lagged the S&P 500's 0.73% gain on the day. On the other hand, the Dow registered a gain of 0.62%, and the technology-centric Nasdaq increased by 0.93%.
Shares of the oil and gas company witnessed a gain of 4.77% over the previous month, beating the performance of the Oils-Energy sector with its loss of 0.7% and the S&P 500's loss of 2.29%.
Market participants will be closely following the financial results of EOG Resources in its upcoming release. The company plans to announce its earnings on November 2, 2023. On that day, EOG Resources is projected to report earnings of $2.89 per share, which would represent a year-over-year decline of 22.1%. In the meantime, our current consensus estimate forecasts the revenue to be $5.85 billion, indicating a 23% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $11.47 per share and a revenue of $23.44 billion, demonstrating changes of -16.64% and -8.79%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for EOG Resources. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 3.54% rise in the Zacks Consensus EPS estimate. EOG Resources is currently a Zacks Rank #2 (Buy).
Investors should also note EOG Resources's current valuation metrics, including its Forward P/E ratio of 11.48. This expresses a premium compared to the average Forward P/E of 9.67 of its industry.
We can also see that EOG currently has a PEG ratio of 0.4. 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 of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 0.44.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 15, this industry ranks in the top 6% of all industries, numbering over 250.
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
