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EOG Resources Now a “Conviction Buy” at Goldman Sachs (EOG)

By Dividend.com,  May 29, 2012, 08:39:28 AM EDT

Oil and natural gas producer EOG Resources, Inc. ( EOG ) on Tuesday caught a big upgrade from analysts at Goldman Sachs.

The firm said it added EOG to its "Conviction Buy" List and lifted its price target from $145 to $149. That new target suggests a 47% upside to the stock's Friday closing price of $101.75.

Goldman noted that over the past two years, EOG "…has dramatically improved its asset base on an absolute and relative basis (adding core positions in our favorite oil plays, Eagle Ford Shale and Wolfcamp Shale) while oil prices have risen."

EOG Resources shares rose $1.27, or +1.25%, in premarket trading Tuesday.

The Bottom Line
Shares of EOG Resources ( EOG ) have a .67% dividend yield, based on Friday's closing stock price of $101.75. The stock has technical support in the $93-$96 price area. If the shares can firm up, we see overhead resistance around the $106-$110 price levels.

EOG Resources, Inc. ( EOG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: EOG



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