5 Best Gas Stocks To Buy Now

2. EOG Resources, Inc. (NYSE:EOG)

Number of Hedge Fund Holders: 52

EOG Resources, Inc. (NYSE:EOG) is a Texas-based company that explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids. Its primary producing areas are in New Mexico, Texas, and the Republic of Trinidad and Tobago. On November 3, EOG Resources, Inc. (NYSE:EOG) declared a $0.825 per share quarterly dividend, a 10% increase from its prior dividend of $0.750. The dividend is distributable on January 31, 2023 to shareholders of record on January 17. Also, the company declared a special dividend of $1.50 per share, which is payable on December 30. 

On November 22, Citi analyst Scott Gruber raised the price target on EOG Resources, Inc. (NYSE:EOG) to $160 from $150 and maintained a Buy rating on the shares following the Q3 results.

According to Insider Monkey’s data, 52 hedge funds were bullish on EOG Resources, Inc. (NYSE:EOG) at the end of Q3 2022, compared to 43 funds in the last quarter. Harris Associates held the leading stake in the company, with more than 7 million shares worth $787.4 million. 

Here is what Oakmark Select Fund has to say about EOG Resources, Inc. (NYSE:EOG) in its Q1 2022 investor letter:

“EOG Resources (NYSE:EOG) (+36%), was among our top contributors in the quarter as oil prices rallied due to tight supplies, which were then exacerbated by the Russian invasion of Ukraine. Although their share prices have increased considerably, both companies still look quite undervalued even using longer term oil prices in the $65-70 dollar range. Meanwhile, if times are good over the next couple of years, we expect these companies to return significant percentages of their market caps to shareholders.”