EOG Resources price target raised to $150 from $140 at Raymond James

Raymond James analyst John Freeman raised the firm’s price target on EOG Resources to $150 from $140 and keeps a Strong Buy rating on the shares. The firm thinks the quarter went largely as expected and is modeling 1Q23 capex of $1.6B, oil production of 453 Mbo/d, and total production of 923 Mboe/d, all largely in line with consensus, the analyst tells investors in a research note. EOG is in a better position than most to renegotiate contracts, and while EOG likely executed on buybacks during the quarter due to the banking driven market dislocation, most of the return is expected to come from the special dividend, the firm says.