UPDATE: Goldman Sachs Downgrades EOG Resources (EOG) to Neutral
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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.
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