Retain Overweight, Price Target Raised
EOG has been the large-cap E&P name to own over the past five years, as the only one of its peers to outperform the S&P500 over that period. That said, consensus seems reluctant to reflect the full growth potential of EOG, and we see scope for output estimates to climb over time. We reiterate our Overweight rating with a raised price target of $128 (from $116).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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