Analysts are Revising Ratings for These 5 Commodity Stocks

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

Number of Hedge Fund Holders: 49

TD Securities upgraded EOG Resources, Inc. (NYSE:EOG) from “Hold” to “Buy” on Friday, August 5, 2022. The upgrade came a day after the Houston-based energy company beat the Q2 profit expectations and declared a special dividend of $1.50 per share.

EOG Resources, Inc. (NYSE:EOG) reported adjusted earnings of $2.74 per share for the three months ended June 30, up from $1.73 per share for the comparable period of 2022. Analysts were looking for earnings of $2.67 per share.

Earlier this year, investment management firm Oakmark Funds also discussed EOG Resources, Inc. (NYSE:EOG) in its first-quarter 2022 investor letter, stating:

“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.”