Canaccord Genuity Reiterates a 'Buy' on EOG Resources (EOG); Rope-a-dope: Oil Growth Weak in Q1 but Strong Thereafter

Canaccord Genuity reiterates a 'Buy' on EOG Resources (NYSE: EOG) price target raised from $150 to $152.

Analyst, John Gerdes, said, "We are increasing our target price to $152 per share on higher US oil price realizations. While Q1 guidance has spooked investors, our Q2+ liquids production estimates are unchanged or higher versus pre-report estimates. After key infrastructure buildout and asset sales in H1/12, we believe EOG should demonstrate strong oil output growth, which should drive equity outperformance. EOG remains our top large cap pick as it has 30%+ potential upside to our target while large-cap peers have ~10% upside."

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 $114.35 yesterday.

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