Deutsche Bank Upgrades EOG Resources (EOG) to Buy

Deutsche Bank upgraded EOG Resources (NYSE: EOG) from Hold to Buy with a price target of $96.00 (from $83.00). Analyst Ryan Todd thinks EOG is positioned for sustained outperformance.

"While the 2Q result was solid, if not spectacular (in line US oil vols, beat on NGL/gas and lower costs, in-line cash flow of $580mm vs. DBe $589mm), the revised outlook sets EOG apart. A 32% increase in FY16 well completions, (capex unchanged), drives a 3% increase to FY oil vols, while a LT guidance of 10%/20%/yr crude CAGR within cash flow at $50/$60/bbl, puts EOG in rare company amongst E&Ps. With the crude recovery feeling increasingly moderate, and investors focused on ability to sustain growth within CF at $50$55/bbl crude, EOG is positioned for sustained outperformance," said Todd.

For an analyst ratings summary and ratings history on EOG Resources click here. For more ratings news on EOG Resources click here.

Shares of EOG Resources closed at $84.24 yesterday.

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