EOG Resources (EOG) PT Raised to $147 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on EOG Resources (NYSE: EOG) to $147.00 (from $146.00) while maintaining a Neutral rating.

The analyst commented, "We expect EOG 1Q26 EBITDA/FCF to top current Street consensus by ~8%/18% on higher commodity prices. Although we don't expect EOG to "chase the strip" with higher activity in F2026, management is looking to longer term prices and indicated flexibility to add growth capital in 2027 or later. Delaware well productivity has been a concern, but EOG is progressing its Utica assets to play a bigger role with key infrastructure investments. Management had contemplated a high FCF payout ratio (~90-100%) in 2026. But since the stock has appreciated ~40% YTD with extraordinary cash generation from high oil prices, we would expect some opportunistic cash build to support future value creation initiatives. EOG benefits from higher LNG prices as ~13% of U.S gas volumes can be sold at JKM prices (or ~600-700mm FCF uplift). Maintain Neutral rating and raise NAV-based PT to $147 from $146."

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