Wells Fargo lowered the firm’s price target on EOG Resources (EOG) to $146 from $150 and keeps an Overweight rating on the shares. The firm notes EOG delivered a FY25 capital plan in line with expectations. Higher cash taxes, lower gas price realizations and increased opex weigh on Wells’ near-term free cash flow outlook. Crucially, the firm’s long-term thesis of strong returns and gas leverage remains intact.
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