Oil and natural gas producer EOG Resources, Inc. ( EOG ) late Thursday said its first quarter profit rose almost 14% from last year, as adjusted results beat analyst expectations.
The Houston-based company reported first quarter net income of $134 million, or 52 cents per share, compared with $118 million, or 46 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 68 cents per share.
Net revenue surged 38% from last year to $1.897 billion, driven by sharply higher oil and natural gas selling prices.
On average, Wall Street analysts expected a smaller adjusted profit of 54 cents per share, on much lower revenue of $1.62 billion.
CEO Mark Papa commented, "These positive results across the board are a direct reflection of our shift in portfolio mix to a greater focus on crude oil and liquids that began more than four years ago."
EOG shares rose $3.55, or +3.4%, in premarket trading Friday.
The Bottom Line
Shares of EOG Resources ( EOG ) have a .61% dividend yield, based on last night's closing stock price of $104.35. The stock has technical support in the $96-$100 price area. If the shares can firm up, we see overhead resistance around the $110-$111 price levels.
EOG Resources, Inc. ( EOG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Created by Dividend.com