FBR Capital Re-Initiates Coverage of EOG Resources (EOG) with a Market Perform

October 16, 2009 7:45 AM EDT

FBR Capital re-initiates coverage of EOG Resources, Inc. (NYSE: EOG) with a Market Perform rating and a 12-month price target of $80/share,

FBR analyst says, "Re-initiates coverage on EOQ with a Market Perform based on the stock trading at 80% of our pretax, risked 3P NAV estimate of $100/share and at 8.3x our 2010 EV/CF estimate. Our NAV estimate assumes $4.50/Mcf long term and a 12.5% discount rate on the proved reserve base. Our Market Perform rating reflects our belief that, despite the company's low cost structure and innovative, best-in-class management team, the market has fairly valued the stock."

To see more analyst ratings on EOQ Click Here.

EOG Resources, Inc., together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas and crude oil primarily in the United States, Canada, Trinidad, the United Kingdom North Sea, and China.

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