On October 18, 2022, Goldman Sachs upgraded EOG Resources to a Buy rating. Just a day earlier, an unusually large dark pool trade was detected in $EOG stock.
Dark Pool Trade In EOG Resources Stock
A dark pool trade occurred in $EOG stock on October 17, 2022. The dark pool trading data suggests that the $12 million block order was a buy order because of how $EOG stock rose following the dark pool order hitting the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
A possible narrative emerges that either Goldman Sachs or Piper Sandler might have added to long positions in $EOG stock using dark pools. A day later, it then issued its upgrade of the stock to a Buy rating.
EOG Resources upgraded to Buy from Neutral at Goldman Sachs
On October 18, 2022, Goldman Sachs analyst Neil Mehta upgraded $EOG stock to Buy from Neutral with a price target of $143. Neil Mehta thinks investors are not yet factoring in the upside from modest growth and improving cost positioning of the company’s resource base following strong capex execution. He sees potential for greater free cash flow to be deployed towards capital returns, which he says can drive upside to the shares.
EOG Resources price target raised to $165 from $158 at Piper Sandler
On October 18, 2022, Piper Sandler analyst Mark Lear raised the price target on EOG Resources to $165 from $158 and kept an Overweight rating on the shares. Lear says that exploration and productions are back on solid footing heading into Q3 results with OPEC+ supply cuts mostly to thank.
EOG Q3 print could stand out relative to peers, says JPMorgan
On September 28, 2022, JPMorgan analyst Arun Jayaram lowered the firm’s price target on EOG Resources to $148 from $156 but kept an Overweight rating on the shares. The analyst cites the recent decline in strip pricing for the target drop but says EOG could be one of the few exploration and production companies he covers that could enhance shareholder returns in 2023 given the expected build-up of cash by year-end 2023. Arun says that EOG’s Q3 print could stand out relative to its peers, as the company has the potential to deliver a modest cash flow beat.
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EOG Resources Stock Technical Analysis
EOG Resources $EOG stock is in a technical uptrend. Long-term indicators support a continuation of the trend.