Mizuho analyst Nitin Kumar downgraded EOG Resources (EOG) to Neutral from Outperform with a price target of $140, down from $148. The firm reduced its net asset value for the shares to reflect lower go-forward cash margins based on the company’s 2025 guidance verses 2024 levels when normalized for commodity prices. It also lowered estimates for developed and undeveloped reserves to reflect recent Delaware and Eagle Ford well productivity trends observed in Archie. In addition, EOG has outperformed its large cap peers by 10% since early 2024, and the stock is now trading at premium to peers, the analyst tells investors in a research note.
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