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MARKETS LIVE BLOG:

STOCKS RISE AS TECHS REVIVE, WITH NETFLIX EARNINGS ON TAP

Tesla shares slide to 52-week low; stock is down roughly 40% year-to-date

EOG Resources (EOG) Moves 3.2% Higher: Will This Strength Last?

Zacks Equity Research
·2 min read

EOG Resources (EOG) shares soared 3.2% in the last trading session to close at $110.59. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 19.9% loss over the past four weeks.

The massive oil price improvement primarily drove the stock. The price of oil is trading at more than $100-per barrel mark, reflecting a massive improvement in the past year. This is beneficial for EOG Resources since the company has significant acreages in oil shale plays like Delaware, Bakken and Eagle Ford.

This oil and gas company is expected to post quarterly earnings of $4.25 per share in its upcoming report, which represents a year-over-year change of +145.7%. Revenues are expected to be $6.91 billion, up 67% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For EOG Resources, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on EOG going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

EOG Resources belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, EQT Corporation (EQT), closed the last trading session 5.9% higher at $35.09. Over the past month, EQT has returned -30.1%.

For EQT Corporation , the consensus EPS estimate for the upcoming report has changed -3.6% over the past month to $0.46. This represents a change of +557.1% from what the company reported a year ago. EQT Corporation currently has a Zacks Rank of #3 (Hold).


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Zacks Investment Research