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EOG Resources (EOG) Gains As Market Dips: What You Should Know

Zacks Equity Research
·3-min read

EOG Resources (EOG) closed at $128.64 in the latest trading session, marking a +0.67% move from the prior day. This move outpaced the S&P 500's daily loss of 1.11%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq lost 2.13%.

Coming into today, shares of the oil and gas company had gained 0.13% in the past month. In that same time, the Oils-Energy sector gained 2.43%, while the S&P 500 gained 7%.

Investors will be hoping for strength from EOG Resources as it approaches its next earnings release, which is expected to be February 23, 2023. The company is expected to report EPS of $3.31, up 7.12% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $6.39 billion, up 5.8% from the prior-year quarter.

It is also important to note the recent changes to analyst estimates for EOG Resources. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.76% lower within the past month. EOG Resources is currently a Zacks Rank #3 (Hold).

In terms of valuation, EOG Resources is currently trading at a Forward P/E ratio of 9.46. Its industry sports an average Forward P/E of 6, so we one might conclude that EOG Resources is trading at a premium comparatively.

It is also worth noting that EOG currently has a PEG ratio of 0.34. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.23 as of yesterday's close.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 245, which puts it in the bottom 3% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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