EOG Resources initiated with an Overweight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of EOG Resources with an Overweight rating and $167 price target. The firm, which notes that EOG is committed to returning at least 60% of annual FCF to shareholders via base and special dividends, points out that its 2023 and 2024 EPS estimates are 12% and 6%, respectively, above Street consensus.