RBC Capital upgraded EOG Resources (EOG) to Outperform from Sector Perform with a price target of $155, up from $150. The upgrade is driven by the company’s continued strong operational performance, exposure to improving natural gas prices, premium commodity price realizations, and potential for significant stock buybacks, the analyst tells investors in a research note. The firm thinks EOG’s near-term catalysts could include a meaningful step-up in Q4 stock buybacks and natural gas “optionality” in the Dorado play.
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