Piper Sandler downgraded EOG Resources (EOG) to Neutral from Overweight with a price target of $149, up from $147. The firm cites valuation for the downgrade, noting the stock has re-rated on management’s plans to use leverage to increase share buybacks. EOG trades at a premium valuation relative to its large-cap peers despite less certainty around long-term reinvestment and capital efficiency, the analyst tells investors in a research note.
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