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EOG Resources initiated with a Buy at BofA

BofA initiated coverage of EOG Resources with a Buy rating and $151 price target. EOG is an explorer and producer of oil and natural gas in basins principally onshore U.S., with total production over 1M barrels per day, making it one of the largest companies in North America’s “highly fragmented” industry, the analyst tells investors in a research note. The firm believes EOG’s “peer leading” inventory depth in the Delaware Basin has given it a license to grow oil.

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