EOG Resources (EOG) PT Raised to $158 at Raymond James

Raymond James analyst John Freeman raised the price target on EOG Resources (NYSE: EOG) to $158.00 (from $148.00) while maintaining a Strong Buy rating.

The analyst comments "We’re updating estimates post EOG’s announcement to acquire private Utica operator Encino (owned by Canada Pension Plan), which creates a dominant Utica position for the pro forma company. EOG’s core net acreage in the Utica more than doubles from 460K net acres to 1.1M net acres with combined production of 275 Mboe/d (25% oil). We have followed Encino closely for years and viewed it as one of the most attractive remaining private E&Ps in the country. We provide further details below on our previous standalone Encino estimates and why we viewed it as a differentiated E&P company. EOG sees the transaction as ~10% accretive to EBITDA and ~9% accretive on free cash flow (we see huge accretion when looking at FY26 estimates). EOG also increased their dividend by 5% to $1.02/share. Overall, we reiterate our Strong Buy rating, but raise our target price to $158/share (up from $148/share) following the transaction."

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