Exploration company, EOG Resources, Inc.( EOG ) reported a drop in quarterly profits, but still beat analysts estimates Monday.
The Houston, TX based company reported third quarter net income of $356 million, or $1.31 per share, down 34% from last years Q3 profit of $541 million, or $2.01 per share. Adjusted earnings came in at $1.73 per share, beating analysts expectations of $1.12 per share.
Although the company saw a decline in profit, an increase in crude oil sales at higher prices resulted in better than expected earnings.
Mark Papa, EOG's chairman and chief executive commented, "with especially strong, consistent individual well results, EOG's best plays have become even better."
EOG Resources shares were up $4.84, or 4.14% during premarket trading Tuesday.
The Bottom Line
Shares of EOG Resources ( EOG ) have a .58% dividend yield, based on last night's closing stock price of $116.81. The stock has technical support in the $105-$110 price area. If the shares can firm up, we see overhead resistance around the $130-$131 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.
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