EOG Resources price target raised to $139 from $132 at Morgan Stanley

Morgan Stanley analyst Devin McDermott raised the firm’s price target on EOG Resources (EOG) to $139 from $132 and keeps an Equal Weight rating on the shares. E&Ps posted strong Q3 updates, highlighting both capital efficiency gains and potential cost deflation as tailwinds for 2025, the analyst tells investors. Most in the firm’s coverage are still planning for low or no growth, while some gas activity may be deferred until prices recover more, Scotiabank adds.