Truist downgraded EOG Resources to Hold from Buy with a price target of $136, down from $163. EOG continues to suggest its intention of sticking with exploration over acquisitions likely resulting in minimal near-term core additions, the analyst tells investors in a research note. As such, the firm believes EOG should now should trade closer in line with peers, especially those who have upgraded assets and inventory in recent quarters. Truist understands why EOG changed its overall strategy to focus more on shareholder return over growth, but believes the decision makes the company more comparable to various operators.
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