EOG Resources Inc. shares slumped 0.05% to $84.95 Tuesday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.51% to 4,246.44 and the Dow Jones Industrial Average DJIA rising 0.20% to 33,945.58.
EOG Resources Inc. closed $3.04 short of its 52-week high ($87.99), which the company reached on June 7th. The stock underperformed when compared to some of its opponents Tuesday, as ConocoPhillips COP rose 0.56% to $60.79, Pioneer Natural Resources Co. PXD rose 0.70% to $162.22, and Occidental Petroleum Corp. OXY rose 1.73% to $30.01.
EOG Resources Inc trading volume (3.2 M) remained 719,980 below its 50-day average volume of 3.9 M.The shares of EOG Resources have gained 70% this year as the WTI benchmark surged from $50/bbl in early January to $70/bbl at present. The company’s premium drilling strategy has led to a 24% operating cost reduction in the past few years.
The returns on capital employed improved despite a downward trend observed in benchmark prices last year. The company has targeted lower capital spending this year while keeping its total production volume comparable to 2019 levels. Notably, the EIA expects benchmark prices to decline by next year as OPEC+ increases production limiting further upside in EOG Resources stock.There is 55% probability of a positive return over the next twenty-one trading days and a 46.2% probability of a positive excess return. EOG Resources stock is likely to move 1.5% in the next one-month