EOG Resources (EOG) Update - July 2

[dan_s]

EOG is the largest company in the Sweet 16 and I have been following and modeling it since 2006.
At the time of this post EOG is trading at $85.86

Since mid-June, thanks to rising oil prices, four energy sector analysts have increased their price targets for EOG
> Bob Brackett at Bernstein rated EOG a Buy on 06/21/21 with a price target of $114.00
> Menno Hulshof at TD Securities rated EOG a Buy on 06/29/21 with a price target of $110.00
> Lloyd Byrne at UBS rated EOG a Buy on 06/30/21 with a price target of $119.00 < Lloyd has a 5-Star rating at TipRanks.
> Neal Dingmann at Truist Financial rated EOG a Buy on 07/01/21 with a price target of $101.00

My CURRENT valuation of EOG has been increased by $2 to $116.
> EOG is one of the few upstream companies that has increased their drilling program this year.
> With over $8 Billion of operating cash flow (my new forecast) they more than coverer this year's CapEx budget of $3.7 to $4.1 Billion.
> There is definitely upside to my 2H 2021 production forecast, but I will wait for EOG's fresh guidance when they release Q2 results.