As previously reported, Wells Fargo downgraded EOG Resources to Equal Weight from Overweight with a price target of $130, down from $150, on relative valuation and capital return mechanics / catalysts. The firm notes the company recently raised its cash returns to shareholders commitment to 70%+ of annual free cash flow, beginning in 2024. However, management prefers to use special dividend as its primary channel for returning capital to shareholders and preserve share buybacks mostly for valuation dislocation opportunities.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EOG:
- EOG Resources just downgraded at Morgan Stanley, here’s why
- The top E&P and natural gas stocks to own in 2024, according to JPMorgan
- EOG Resources just downgraded at JPMorgan, here’s why
- JPMorgan gets more bearish on EOG Resources, downgrades shares
- EOG Resources price target raised to $165 from $161 at Stifel