EOG Resources' (EOG) Price Target Raised to $108 at Deutsche Bank

September 6, 2016 2:08 PM EDT
Get Alerts EOG Hot Sheet
Price: $105.39 --0%

Rating Summary:
    26 Buy, 17 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 10 | New: 3
Trade EOG Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

Deutsche Bank maintained a Buy rating on EOG Resources (NYSE: EOG) and raised its price target to $108.00 (from $105.00). Earlier EOG announced an agreement to combine with Yates. In the view of analyst Ryan Todd, the acquisition is "transformative" and comes at a "reasonable price."

"With the acquisition of private Permian operator Yates Petroleum, we see EOG as having addressed lingering concerns of inventory depth, and the materiality of its Permian position. The transaction dramatically improves the depth and scale of EOG’s position (acreage +78%, premium Permian inventory +97%), at a cost that is very attractive relative to recent basin transactions (~$8k/acre in the Delaware vs. ~$25k-$50k/acre in recent transactions). We view the transaction as a strong complement to EOG’s differentiated medium-term growth profile, improving both the capital efficiency and long-term visibility of EOG’s 10%-20%/yr growth outlook," said Todd.

For an analyst ratings summary and ratings history on EOG Resources click here. For more ratings news on EOG Resources click here.

Shares of EOG Resources closed at $88.91 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Deutsche Bank, Definitive Agreement

Add Your Comment