Roth Capital Downgrades EOG Resources (EOG) to Neutral From Buy, Lowers PT to $134

EOG Resources, Inc. (NYSE:EOG) is one of the 10 Cheap Large Cap Stocks to Buy According to Hedge FundsOn July 9, Roth Capital analyst Leo Mariani downgraded EOG Resources, Inc. (NYSE:EOG) to Neutral from Buy, lowering the price target to $134 from $140.

EOG Resources, Inc. (EOG): Among Billionaire Bruce Berkowitz’s Stock Picks with Highest Upside Potential

An oil rig in action in a vast desert, drilling for natural gas.

The firm supported this downward revision in rating to global oil prices, which are close to a near-term top, and stated that it is seeing risk to the downside for oil prices in the second half of the year.

The analyst also told investors in a research note that OPEC+ seems likely to add back a certain amount of oil to global markets between April 1 and September 30. These volumes are expected to put the global oil markets into an oversupplied state.

EOG Resources, Inc. (NYSE:EOG) explores, develops, produces, and markets natural gas and crude oil. Its operations are divided into the following geographical segments: United States, Trinidad, and Other International.

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Disclosure: None. This article is originally published at Insider Monkey.