Goldman Sachs Adds EOG Resources (EOG) to Conviction Buy List

May 29, 2012 7:07 AM EDT Send to a Friend
Get Alerts EOG Hot Sheet
Price: $92.22 -0.98%

Rating Summary:
    28 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 27 | Down: 26 | New: 17
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Goldman Sachs upgraded EOG Resources (NYSE: EOG) to its Conviction Buy List with a price target of $149 (up from $145), suggesting 47% upside.

The firm notes shares are now back to levels seen at its successful April 2010 analyst meeting, although during that time the company "has dramatically improved its asset base on an absolute and relative basis (adding core positions in our favorite oil plays, Eagle Ford Shale and Wolfcamp Shale) while oil prices have risen."

Goldman said shares are very attractive for a high-quality E&P and believe shares will outperform as the company beats production estimates, shows higher margins than expected, and adds to its resource life without material acreage or corporate acquisitions.

EOG replaces ExxonMobil (NYSE: XOM) on the list.

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 $101.75 yesterday.


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