Morgan Stanley analyst Devin McDermott raised the firm’s price target on EOG Resources (EOG) to $135 from $132 and keeps an Equal Weight rating on the shares after the company announced the acquisition of Encino for about $5.6B, including debt. The deal boosts EOG’s Utica footprint, notes the firm, which forecasts about 8% average accretion to 2025-27 free cash flow per share at strip, with more uplift at higher gas prices.
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Read More on EOG:
- EOG Resources’ Strategic Acquisition and Valuation Concerns: Analyst Maintains Hold Rating
- EOG Resources price target raised to $140 from $137 at Barclays
- EOG Resources’ Strategic Acquisition of Encino Acquisition Partners: A Transformative Move in the Utica Shale
- EOG Resources Announces $5.6 Billion Acquisition Deal
- EOG Resources raises quarterly dividend 5% to $1.02 per share
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