EOG Resources (NYSE:EOG) is scheduled to announce Q2 earnings results on Thursday, Aug. 4, after market close.
Consensus EPS estimate is $2.79 (+61.3% Y/Y) and consensus revenue estimate is $5.58B (+34.8% Y/Y).
Over the last 2 years, EOG has beaten EPS and revenue estimates 75% of the time.
Over the last 3 months, EPS estimates have seen 17 downward revisions. Revenue estimates have seen 4 downward revisions.
EOG reported Q1 earnings that topped estimates and announced a new shareholder return framework, committing to return 60% of free cash flow to shareholders annually.
At the time, EOG flagged sequential improvement in production into Q2 and maintained its annual guidance.
EOG CEO Ezra Yacob said natural gas markets are facing "structural change", Reuters reported. He expects EOG to increase oil production this year by ~5%.
Analyst views:
- Bank of America rated EOG Buy as it sees outperformance in the oil and gas sector due to gas exposure and ability to withstand inflation.
- RBC Capital downgraded EOG to Sector Perform, citing relative valuation vs. peers after recent outperformance.
- Citi remains bullish on EOG due to its valuation, firm cash return framework and advantaged gas play in Dorado.
- Johnson Rice upgraded EOG to Buy given the stock's recent underperformance vs. peers and its exposure to rising natural gas prices.
- Raymond James upgraded EOG to Strong Buy, citing its shareholder return framework, and sees recent weakness as a buying opportunity.
SA contributor The Value Portfolio in a recent bullish analysis said EOG has impressive low-cost assets that support substantial shareholder returns.
Shares of EOG, which gained ~16% YTD, outperformed the S&P 500 index by a wide margin but slightly underperformed the S&P 500 Energy index in the last 1 year.