EOG Resources, Inc. (EOG) is a leading Texas-based energy company engaged in the exploration, development, production, and marketing of crude oil, natural gas, and natural gas liquids. With a market cap of $74.1 billion, EOG operates primarily in key resource-rich regions across the United States, with additional international operations. The energy giant is set to announce its fiscal 2024 fourth-quarter earnings after the market closes on Thursday, Feb. 27.
Ahead of the event, analysts expect EOG to report a profit of $2.56 per share on a diluted basis, down 16.6% from $3.07 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion.
For FY2024, analysts project EOG will report EPS of $11.46, down 2% from $11.69 in fiscal 2023. The downward spiral continues in 2025, with its EPS expected to fall marginally year over year to $11.40.
EOG stock has soared 17.6% over the past year, lagging behind the S&P 500’s ($SPX) 25.3% gains over the same time frame. However, it has surpassed the Energy Select Sector SPDR Fund’s (XLE) 11.6% rise over the same period.
On Nov. 7, EOG released its third-quarter earnings report, prompting a more than 6% surge in its shares during the subsequent trading session. While the company's bottom line exceeded market expectations, its top-line performance fell short of consensus estimates, hindered by lower realizations of crude oil and condensates, as well as declines in natural gas liquids prices.
Analysts’ consensus opinion on EOG stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 29 analysts covering the stock, 14 advise a “Strong Buy” rating, and 15 give a “Hold.” EOG’s average analyst price target is $147.36, indicating a potential upside of 11.8% from the current levels.
