Model update - Remain Overweight
We make modest adjustments to our earnings forecasts, largely reflecting EOG's disclosure on 12 April of its mark-to-market derivative positions for Q1, including a non-cash charge of $60m and a net cash gain of $22m. We provide a quarterly earnings breakdown. Our FY18 cash earnngs per share moves from $13.21 to $13.25, versus consensus of $12.29. We remain Overweight with a $116 price target.EOG Resources, together with its subsidiaries, explores for, develops, produces and markets crude oil, natural gas liquids and natural gas primarily in main producing basins in the United States, The Republic of Trinidad and Tobago, The People's Republic of China, Canada and, from time to time, select other international areas.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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