Morgan Stanley analyst Devin McDermott downgraded EOG Resources to Equal Weight from Overweight with an unchanged price target of $134. The company’s free cash flow rate of change skews negative in 2024 versus peers due to higher spend in emerging plays and less exposure to softening costs given its longer term contracting, the analyst tells investors in a research note. In addition, the firm says that since Q1, EOG’s state well data has weakened. It sees more upside in other names.
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