UBS Maintains a Neutral' on EOG Resources (EOG); Strong 4Q Beat; Bullish Eagle Ford Update

UBS maintains a Neutral' on EOG Resources (NYSE: EOG) price target raised from $111 to $125.

UBS analyst says, "4Q beat on higher liquids production and better price realizations...Materially boosts Eagle Ford resource potential; 2011 reserve growth light...EOG raised its liquids production growth target to 30% from 27%, but lowered gas volume forecasts. EOG unveiled a ‘12 capex budget of $7.4-$7.6bn, in line with UBSe but above consensus’ $6.9bn. We estimate a ’12 FCF deficit of ~$1.8bn under current strip prices, partly funded by ~$1.2bn of asset sales this year. We are raising ‘12-‘13 EPS/CFPS to $5.20/$19.90 & $4.65/$21.25 from $3.80/$18.65 & $3.25/$19.60 on higher liquids volume & better differentials."

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 $117.62 yesterday.

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