EOG Resources, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Crude Oil and Condensate was 55% and Gathering, Processing and Marketing was 22% of revenue; Natural Gas rose from 7% in the fiscal year to Dec 2024.

In the fiscal year to Dec 2025, United States was 98% and Trinidad was 2% of revenue.

Quarters: EOG Resources, Inc.'s SEC filings, named by the month they end. Revenue here is EOG Resources, Inc.'s total operating revenues and other, with its gains and losses on commodity derivatives and on selling assets; no standard concept carries its sales alone. Fiscal years: EOG Resources, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $22.0 ends up as net income. Net margin fell from 30.2% to 22.0% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: EOG Resources, Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report EOG Resources buys from D&M; sells to National Gas Company of Trinidad and Tobago, Heritage Petroleum Company, BP Trinidad and Tobago.

Suppliers

D&M

 

EEOGEOG Resources

Customers

BP Trinidad and Tobago

Heritage Petroleum Company

National Gas Company of Trinidad and Tobago

Unnamed customer

Unnamed customer

Partners

BP Trinidad and TobagoCoconut Platform development under farmout agreement

BBapcoGas exploration participation in Bahrain

AADNOCCoordinates unconventional oil exploration and appraisal

Changes since the previous annual report (10-K filed Feb 27, 2025)

AADNOCNamed for the first time, as a partner

BP Trinidad and TobagoNow also a customer

Only the companies EOG Resources names in its 10-K filed Feb 24, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 10.1x, below the peer median of 12.4x, with earnings still growing.

Priced 19% below the peer median of 12.4x.

At 10.1× trailing earnings EOG is inside the middle of its five-year range; the five-year median is 10.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $168, 8% above the current price; 33% of 33 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 11 analysts (33%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $141.41 to $168.83 (+19%), while EOG went from $109.24 to $155.62 (+42%). In the past three months targets were raised 13 times and cut once. No upgrades and 1 downgrade over the year; the latest: Keybanc moved it to Sector Weight from Overweight on Jan 16, 2026.

The day after each of these reports the stock moved +0.2% (Dec 2025, beat); −4.9% (Mar 2026, beat); −7.9% (Jun 2026, beat); 0.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $5.59 a share, 146% more than the $2.27 of a year earlier, and revenue of $8.2B, up 45% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $16.54 a share, 12% less than the year before's estimate of $18.74, and revenue of $28.2B, down 12% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $7.4B in free cash flow over the year, of which $5.7B went back to shareholders (dividends plus buybacks), leaving $1.7B in the company.

EOG Resources had 522M diluted shares in the quarter ended Sep 2026, 4.0% fewer than a year earlier, and 1.7% fewer each year on average since Sep 2020. Over the last four quarters its earnings per share rose 54.0% and its net income rose 48.0%: fewer shares added about 6 points.

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 6 funds whose copy leaves EOG out (not traded on the exchange): Bridgewater Associates, Baillie Gifford &, Mirae Asset Global Investments, Swiss National Bank, Canada Pension Plan Investment Board, Rob Bresnahan and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held EOG at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 6 cut, 1 bought new and 1 sold all. The largest of them is National Pension Service, 1.97M shares worth $271M at Sep 30, 2026, 0.7% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of EOG at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

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