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Oppenheimer Backs “Outperform” Rating on EOG Resources; Oil Production Rising (EOG)

Oil and natural gas producer EOG Resources, Inc. ( EOG ) on Friday received some continued bullish commentary from analysts at Oppenheimer & Co.

The firm reiterated its "Buy" rating and $130 price target on EOG, which suggests a 10% upside to the stock's Wednesday closing price of $118.14.

An Oppenheimer analyst commented, "EOG is the leading operator in the Eagle Ford and the Bakken unconventional oil plays which have been the key to its prolific oil and NGLs production growth rates in recent years." The firm also noted the company's oil production growth rate has risen this year.

EOG Resources shares were mostly flat in premarket trading Friday. The stock has gained nearly 20% since the beginning of 2012.

The Bottom Line

Shares of EOG Resources ( EOG ) have a .58% dividend yield, based on Wednesday's closing stock price of $118.14. The stock has technical support in the $110-$115 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $122-$131 a share.

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 Nasdaq, Inc.

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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.

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