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EOG Resources
(NYSE:EOG)
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Rating:79Outperform
Price Target:
$181.00
â–²(24.97% Upside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by strong financial performance (high margins, conservative leverage, and robust free cash flow) and a very constructive earnings-call outlook (disciplined capex, strong shareholder returns, and low breakeven). Valuation is also supportive (low P/E with a solid dividend). Offsetting these positives, technical indicators point to weaker near-term momentum with the stock trading below key moving averages and a negative MACD.
Positive Factors
Cash Generation
EOG’s strong operating cash flow and sharply higher free cash flow provide internal funding for development, dividends, buybacks, and debt management. A sub-$50 WTI breakeven further supports resilience and capital flexibility through moderate commodity-price weakness.
Negative Factors
Commodity Cyclicality
EOG remains exposed to market-based oil, NGL, and natural-gas prices, so profitability can contract even when operations execute well. The decline from prior peak margins demonstrates that earnings power is cyclical and that weaker prices could reduce cash available for growth and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
EOG’s strong operating cash flow and sharply higher free cash flow provide internal funding for development, dividends, buybacks, and debt management. A sub-$50 WTI breakeven further supports resilience and capital flexibility through moderate commodity-price weakness.
Read all positive factors
EOG Resources Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where EOG earns its revenue across different regions, indicating whether growth is broad-based or reliant on a few key areas. Offers insight into diversification, regional operational strengths, and risks from local regulations, infrastructure bottlenecks, or shifts in oil and gas pricing that can quickly change reported sales.
Shows where EOG earns its revenue across different regions, indicating whether growth is broad-based or reliant on a few key areas. Offers insight into diversification, regional operational strengths, and risks from local regulations, infrastructure bottlenecks, or shifts in oil and gas pricing that can quickly change reported sales.
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The Fly
The FlyEOG Resources (EOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$82.81B
Dividend Yield2.58%
Average Volume (3M)3.16M
Price to Earnings (P/E)12.2
Beta (1Y)<0.01
Revenue Growth17.13%
EPS Growth24.89%
CountryUS
Employees3,400
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)12.92
Shares Outstanding524,529,200
10 Day Avg. Volume2,772,275
30 Day Avg. Volume3,157,948
Financial Highlights & Ratios
PEG Ratio-0.60
Price to Book (P/B)1.90
Price to Sales (P/S)2.50
P/FCF Ratio16.41
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue2.69
Enterprise Value/Gross Profit3.56
Enterprise Value/Ebitda5.19
Forecast
1Y Price Target
$165.39Price Target Upside14.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering23
EPS Forecast (FY)17.85
Revenue Forecast (FY)$28.99B
EOG Resources Business Overview & Revenue Model
Company Description
EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in producing basins in the United States, the Republic of Trinidad and Tobago, and internationally. ...
How the Company Makes Money
EOG makes money primarily by producing hydrocarbons and selling them at market-based prices. Its core revenue streams are (1) crude oil sales, (2) natural gas liquids (NGLs) sales (such as ethane, propane, butanes, and natural gasoline), and (3) n...
EOG Resources Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record financial and operational achievements — record adjusted EPS, record adjusted cash flow per share, and a record $2.8 billion of free cash flow — alongside strong balance sheet metrics, substantial shareholder returns and measurable efficiency gains across basins. Exploration upside (notably early UAE results and the Austin Chalk sweet spot) and successful integration synergies in Utica further bolster the outlook. The principal risks discussed were geopolitical (regional conflict affecting Bahrain and broader Middle East volatility), the early-stage nature of international exploration (limited well count and need for repeatability), and modest service inflation. Overall, the positives (robust cash generation, disciplined capital returns, multi-basin operational improvements and promising exploration outcomes) substantially outweigh the limited and largely manageable lowlights.Positive Updates
Record Financial Performance
Adjusted EPS $5.07, adjusted cash flow from operations per share $8.29 and record free cash flow of $2.8 billion in Q2 2026; returned just over $1.8 billion to shareholders in the quarter ( $540M regular dividend, $1.3B share repurchases); H1 total shareholder returns ~ $2.8 billion.
Negative Updates
Geopolitical Risk and Bahrain Interruptions
Operations in Bahrain have been intermittent due to the regional conflict; management prioritized safety and noted ongoing uncertainty that could delay results or development timelines.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Performance
Adjusted EPS $5.07, adjusted cash flow from operations per share $8.29 and record free cash flow of $2.8 billion in Q2 2026; returned just over $1.8 billion to shareholders in the quarter ( $540M regular dividend, $1.3B share repurchases); H1 total shareholder returns ~ $2.8 billion.
Read all positive updates
Company Guidance
EOG’s 2026 guidance reiterates unchanged capital spending of $6.5 billion while targeting 5% oil production growth and 14% total production growth for the year; at strip pricing and guidance midpoints the plan is expected to generate about $8 billion of free cash flow and delivers a WTI breakeven below $50/bbl. Second‑quarter results (adjusted EPS $5.07, adjusted cash flow from operations per share $8.29, and record free cash flow of $2.8 billion) supported returning just over $1.8 billion to shareholders in Q2 ($540 million regular dividend, $1.3 billion repurchases) and a reiteration to return at least 70% of annual FCF in 2026, with $11.7 billion of buyback authority remaining; balance sheet at quarter end was $4.9 billion cash and $3.0 billion net debt. Operations came in above the guidance midpoint (total volumes higher; nearly 500 bopd from UAE), Q2 capex was below the guidance midpoint, and the company expects low single‑digit well cost reductions this year while reporting basin unit costs such as Delaware direct well costs averaging < $710/ft (down $15/ft YTD), Eagle Ford < $525/ft, Utica < $600/ft, Dorado < $700/ft; midstream/upside metrics include Janus 300 MMcf/d capacity (expandable +300 MMcf/d) with >99% utilization and >$0.65/Mcf netback uplift and Verde netback uplift ~$0.50/Mcf.EOG Resources Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.75B | 22.65B | 23.38B | 23.18B | 29.49B | 19.67B |
| Gross Profit | 20.24B | 14.05B | 17.70B | 18.24B | 24.62B | 14.32B |
| EBITDA | 13.87B | 11.72B | 12.46B | 13.33B | 13.62B | 9.76B |
| Net Income | 6.88B | 4.98B | 6.40B | 7.59B | 7.76B | 4.66B |
Balance Sheet | ||||||
| Total Assets | 54.78B | 51.80B | 47.19B | 43.86B | 41.37B | 38.24B |
| Cash, Cash Equivalents and Short-Term Investments | 4.91B | 3.40B | 7.09B | 5.28B | 5.97B | 5.21B |
| Total Debt | 8.25B | 8.41B | 5.07B | 4.16B | 5.96B | 5.91B |
| Total Liabilities | 22.92B | 21.97B | 17.84B | 15.77B | 16.59B | 16.06B |
| Stockholders Equity | 31.86B | 29.83B | 29.35B | 28.09B | 24.78B | 22.18B |
Cash Flow | ||||||
| Free Cash Flow | 6.61B | 3.45B | 5.77B | 5.16B | 6.09B | 4.94B |
| Operating Cash Flow | 13.36B | 10.04B | 12.14B | 11.34B | 11.09B | 8.79B |
| Investing Cash Flow | -11.05B | -10.94B | -5.97B | -6.34B | -5.06B | -3.42B |
| Financing Cash Flow | -2.62B | -2.80B | -4.36B | -5.69B | -5.27B | -3.49B |
EOG Resources Technical Analysis
Positive
144.84
Price Trends
146.26
Positive
141.29
Positive
133.51
Positive
Market Momentum
3.99
Negative
70.72
Negative
81.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOG, the sentiment is Positive. The current price of 144.84 is below the 20-day moving average (MA) of 147.78, below the 50-day MA of 146.26, and above the 200-day MA of 133.51, indicating a bullish trend. The MACD of 3.99 indicates Negative momentum. The RSI at 70.72 is Negative, neither overbought nor oversold. The STOCH value of 81.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EOG.
EOG Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $82.81B | 12.22 | 22.38% | 2.58% | 17.13% | 24.89% | |
79 Outperform | $17.48B | 10.49 | 26.27% | 2.01% | -12.44% | 58.92% | |
74 Outperform | $175.00B | 19.27 | 14.32% | 2.31% | 9.47% | 1.21% | |
73 Outperform | $55.42B | 11.79 | 14.90% | 2.25% | 18.28% | -5.35% | |
71 Outperform | $56.27B | 39.24 | 4.22% | 2.12% | 21.45% | -63.30% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $62.68B | 9.43 | 18.97% | 1.66% | -10.74% | 91.14% |
* Energy Sector Average
EOG
EOG Resources
157.96
53.21
50.80%
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Conocophillips
145.63
58.30
66.77%
DVN
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49.18
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50.82%
OXY
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62.50
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FANG
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197.14
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37.18%
EOG Resources Corporate Events
Business Operations and StrategyExecutive/Board Changes
EOG Resources Announces CFO Transition and Incentive Changes
Positive
Sep 24, 2026
On September 23, 2026, EOG Resources announced that longtime executive Ann D. Janssen will retire, stepping down as Executive Vice President and Chief Financial Officer on December 31, 2026 and continuing as an advisor into 2027. The Board appoint...
Financial DisclosuresRegulatory Filings and Compliance
EOG Resources Issues Q2 2026 Financial Disclosure Update
Neutral
Aug 4, 2026
EOG Resources reported detailed financial and operating data for the second quarter of 2026, including income statements, volumes and prices, balance sheets, cash flow statements and various non-GAAP metrics such as adjusted net income and free ca...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.