In the latest trading session, EOG Resources (EOG) closed at $112.25, marking a -1.78% move from the previous day. This change lagged the S&P 500's daily loss of 0.79%. Elsewhere, the Dow lost 1.07%, while the tech-heavy Nasdaq lost 2.71%.
Coming into today, shares of the oil and gas company had lost 1.69% in the past month. In that same time, the Oils-Energy sector gained 1.6%, while the S&P 500 gained 4.16%.
Wall Street will be looking for positivity from EOG Resources as it approaches its next earnings report date. This is expected to be August 3, 2023. The company is expected to report EPS of $2.53, down 7.66% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.56 billion, down 24.96% from the year-ago period.
EOG's full-year Zacks Consensus Estimates are calling for earnings of $11.21 per share and revenue of $23.54 billion. These results would represent year-over-year changes of -18.53% and -8.42%, respectively.
It is also important to note the recent changes to analyst estimates for EOG Resources. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.54% lower. EOG Resources is currently a Zacks Rank #3 (Hold).
Investors should also note EOG Resources's current valuation metrics, including its Forward P/E ratio of 10.19. This valuation marks a premium compared to its industry's average Forward P/E of 7.52.
Also, we should mention that EOG has a PEG ratio of 0.36. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.39 as of yesterday's close.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 212, which puts it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
