In a recent transaction disclosed in an SEC filing, Jeffrey R. Leitzell, the Executive Vice President and Chief Operating Officer of EOG Resources Inc. (NYSE:EOG), a $71 billion market cap energy company with a notably strong financial health score according to InvestingPro, sold 4,000 shares of the company’s common stock. The shares were sold at a price of $120.89 each, resulting in a total transaction value of $483,560. Following this sale, Leitzell holds approximately 42,703 shares in the company. This transaction, occurring in a stock that typically trades with low price volatility, is part of routine filings that provide transparency regarding insider trading activities. The stock currently trades at an attractive P/E ratio of 10.1, with InvestingPro analysis suggesting the shares may be slightly undervalued. Investors seeking detailed insights can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, EOG Resources, a leading energy sector company, has reported strong third-quarter earnings for 2024, highlighting a $1.6 billion adjusted net income and $1.5 billion in free cash flow. The company has returned $1.3 billion to shareholders through dividends and share repurchases, increasing its regular dividend by 7% and its share repurchase authorization by $5 billion. EOG Resources has also outlined a plan to refinance impending debt maturities and expand gross debt to around $5-6 billion, a strategy that has been positively received by analysts at Mizuho (NYSE:MFG) and RBC Capital, leading to upgrades in their stock price targets for the company.
EOG Resources plans to maintain activity levels through 2025, with a particular focus on the Utica region where activity is expected to increase by 50%. However, the company is reducing investments in the Eagle Ford (NYSE:F) basin due to previous extensive drilling. These recent developments underscore EOG’s focus on delivering robust cash returns to its shareholders while also optimizing its operations for future growth.
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