Bloomberg News

EOG Rises After Earnings Beat Analysts’ Estimates: Dallas Mover

May 07, 2013

EOG Resources Inc. (EOG:US), the oil producer with the most acreage in Texas’ Eagle Ford Shale, rose the most in nine months after first-quarter profit beat analysts’ estimates by 52 percent.

EOG, based in Houston, increased (EOG:US) 7.7 percent to $135.69 at the close in New York, the biggest gain since Aug. 3. The shares have climbed 12 percent this year.

Excluding gains on asset sales and losses from commodity contracts, per-share profit was $1.80, 62 cents higher than the average of 32 estimates compiled (EOG:US) by Bloomberg. First-quarter net income rose 53 percent to $494.7 million, or $1.82 a share, from $324 million, or $1.20, a year earlier, EOG said in a statement after markets closed yesterday.

“EOG leads its peers in organic production growth and financial flexibility,” Fadel Gheit, a New York-based analyst for Oppenheimer & Co., wrote today in a note to clients. “The company continues to optimize drilling of its core plays while expanding into new areas in the Permian and Williston basins.”

Oppenheimer rates the shares equivalent to a buy and Gheit doesn’t own them.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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Companies Mentioned

  • EOG
    (EOG Resources Inc)
    • $113.65 USD
    • -1.31
    • -1.15%
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