EOG Resources (EOG) Stock Sinks As Market Gains: What You Should Know
EOG Resources (EOG) closed at $112.60 in the latest trading session, marking a -1.05% move from the prior day. This move lagged the S&P 500's daily gain of 1.25%. On the other hand, the Dow registered a gain of 0.97%, and the technology-centric Nasdaq increased by 1.3%.
Shares of the oil and gas company witnessed a loss of 8.95% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 1.82% and the S&P 500's gain of 1.58%.
Market participants will be closely following the financial results of EOG Resources in its upcoming release. The company plans to announce its earnings on February 22, 2024. The company is predicted to post an EPS of $3.19, indicating a 3.33% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $6.22 billion, indicating a 7.36% decline compared to the corresponding quarter of the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for EOG Resources. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 10.72% downward. EOG Resources is holding a Zacks Rank of #4 (Sell) right now.
With respect to valuation, EOG Resources is currently being traded at a Forward P/E ratio of 9.45. This expresses a premium compared to the average Forward P/E of 8.23 of its industry.
We can additionally observe that EOG currently boasts a PEG ratio of 0.33. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.65 as trading concluded yesterday.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 249, finds itself in the bottom 2% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
