EOG Resources (EOG) Beats and Declares a Special Dividend, BMO Capital Reiterates Outperform

BMO Capital analyst Phillip Jungwirth reiterated an Outperform rating and the recently increased $145.00 price target on EOG Resources (NYSE: EOG) after the company reported 1Q22 EPS of $4.00, above consensus $3.63. CFO of $828mm was reduced by previously announced hedge collateral postings ($2.5Bn mid-April). FCF was $2.4Bn, while EOG paid $1.0Bn dividends. EOG declared $1.80 special, above $1.00from last quarter.

The analyst stated "Production in 1Q22 of 883MBoe/d (+2.3% Q/Q) was near the high-end (856-892MBoe/d) and above consensus (878MBoe/d; in line with BMOe). Oil production was also near estimates and the high-end. Capex of $1,009mm was at the low-end ($1,000-1,200mm) and below estimates($1,079/1,118mm). Cash costs were in line with lower DD&A supporting EPS. Dorado was highlighted in the deck with production more than doubling to 140MMcf/d."

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 $123.42 yesterday.

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