EOG Resources Inc. shares inched 0.86% higher to $83.30 Monday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.35% to 4,384.63 and the Dow Jones Industrial Average DJIA rising 0.36% to 34,996.18.
EOG Resources Inc. closed $4.69 below its 52-week high ($87.99), which the company achieved on June 7th. The stock outperformed some of its competitors Monday, as ConocoPhillips COP fell 0.55% to $59.80, Pioneer Natural Resources Co. PXD fell 0.59% to $157.06, and Occidental Petroleum Corp. OXY fell 0.83% to $29.99.
EOG Resources Inc trading volume (3.3 M) remained 876,544 below its 50-day average volume of 4.1 M.This was the stock’s second consecutive day of gains. EOG has witnessed upward estimate revisions for 2021 and 2022 earnings in the past seven days. Moreover, the leading upstream energy firm is likely to record earnings growth of 318.5% and 6.4%, in 2021 and 2022, respectively.
EOG Resources, a leading oil and natural gas exploration and production company carrying a Zacks Rank #3 (Hold), is well placed to capitalize on the crude rally. The company has estimated roughly 11,500 net undrilled premium locations, resulting in brightened production outlook. In the Eagle Ford shale play alone, the company identified 1,900 undrilled premium locations, while in the prolific Delaware Basin, the upstream firm identified 6,300 drilling sites.The company is strongly focusing on lowering cash operating costs. From $11.02 per barrel of oil equivalent (BoE) cash operating cost in 2018, the company has reduced the cost to $9.94 per BoE, aiding the bottom line.