Deutsche Bank upgraded EOG Resources (NYSE: EOG) from Hold to Buy with a price target of $96.00 (from $83.00). Analyst Ryan Todd thinks EOG is positioned for sustained outperformance.

"While the 2Q result was solid, if not spectacular (in line US oil vols, beat on NGL/gas and lower costs, in-line cash flow of $580mm vs. DBe $589mm), the revised outlook sets EOG apart. A 32% increase in FY16 well completions, (capex unchanged), drives a 3% increase to FY oil vols, while a LT guidance of 10%/20%/yr crude CAGR within cash flow at $50/$60/bbl, puts EOG in rare company amongst E&Ps. With the crude recovery feeling increasingly moderate, and investors focused on ability to sustain growth within CF at $50$55/bbl crude, EOG is positioned for sustained outperformance," said Todd.

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Shares of EOG Resources closed at $84.24 yesterday.