UPDATE: Goldman Sachs Downgrades EOG Resources (EOG) to Neutral
- S&P 500, Dow end at record highs as weak jobs data eases rate worries
- U.S. Added Only 266,000 Jobs in April, Well Below Estimates
- Roku (ROKU) Surges After Crushing Profit Estimates to Prompt an Upgrade to 'Buy' at Loop Capital
- Dollar broadly weaker after U.S. jobs data disappoint
- Square (SQ) Tops Q1 EPS by 25c
Goldman Sachs analyst Neil Mehta downgraded EOG Resources (NYSE: EOG) from Buy to Neutral with a price target of $80.00 (from $85.00).
The analyst comments "While the company continues to screen favorably for a combination of strong returns, FCF, growth and balance sheet, we believe this is adequately reflected in valuation. EOG trades in line with large-cap peers (PXD/FANG/DVN) on 2023E DACF multiple, but at a premium on 2023E FCF in part due to its focus on growth. We believe ability to add premium inventory from organic exploration and improve corporate return/FCF relative to peers will be key for EOG's ability to trade at a premium. We see 16% upside to our $80/shr price target for EOG."
Shares of EOG Resources closed at $71.29 yesterday.
You May Also Be Interested In
- Canadian Natural Resources (CNQ:CN) (CNQ) PT Raised to Cdn$46 at TD Securities
- Stantec Inc. (STN:CN) (STN) PT Raised to Cdn$64 at TD Securities
- Endesa SA (ENA:GR) (ELEZF) PT Lowered to EUR25 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!