Jefferies Upgrades EOG Resources (EOG) to Hold

Jefferies upgraded EOG Resources (NYSE: EOG) from Underperform to Hold with a price target of $80.00.

Analyst Jonathan Wolff commented, "There remains risk to 2016 Street oil growth expectations for EOG (we are at 6% vs. Street at 16%), the shares now look to better factor in a slower ramp. EOG also appears relatively well-positioned to restore operational momentum due to its superior technical teams, its strong balance sheet/funding capacity, evidence of continued improvements in capital efficiency (i.e., Eagle Ford) and a large backlog of uncompleted (‘DUC’) wells. We also see optionality for EOG to leverage its technical edge to successfully farm-in to quality acreage (i.e., Permian) which could help to address longerterm investor inventory concerns."

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 $85.09 yesterday.

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