EOG Resources (EOG) Dips More Than Broader Markets: What You Should Know
EOG Resources (EOG) closed at $132.76 in the latest trading session, marking a -1.06% move from the prior day. This change lagged the S&P 500's 0.07% loss on the day. At the same time, the Dow added 0.31%, and the tech-heavy Nasdaq lost 3.22%.
Heading into today, shares of the oil and gas company had gained 2.73% over the past month, lagging the Oils-Energy sector's gain of 3.05% and the S&P 500's gain of 4.64% in that time.
EOG Resources will be looking to display strength as it nears its next earnings release, which is expected to be February 23, 2023. The company is expected to report EPS of $3.44, up 11.33% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $6.53 billion, up 8.03% from the year-ago period.
It is also important to note the recent changes to analyst estimates for EOG Resources. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 4.82% lower. EOG Resources is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note EOG Resources's current valuation metrics, including its Forward P/E ratio of 9.62. This valuation marks a premium compared to its industry's average Forward P/E of 5.62.
We can also see that EOG currently has a PEG ratio of 0.34. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.2 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 241, putting it in the bottom 5% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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