EOG Resources Inc. (NYSE: EOG) shares rose in value Monday Nov 14 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile as investors continued to try and decipher policy proposals of President-elect Donald Trump’s administration, the Dow Jones Industrial Average DJIA, +0.11% rose 21.03 points, or 0.1%, to finish at 18,868.69, its third straight record close. The blue-chip index had also touched a historic high of 18,934.05 during the session.
The S&P 500 index SPX, -0.01% fell 0.25 points to end at 2,164.20, and the Nasdaq Composite COMP, -0.36% dropped 18.72 points, or 0.4%, to close at 5,218.40.
Analysts at Vetr Inc. upgraded shares of EOG Resources Inc. (NYSE: EOG) from Hold to Strong-Buy today. With a rating of Strong-Buy on the stock, EOG Resources Inc. has a 52-week high of $98.32. The one-year price target of $105.51 is above the opening price of $91.19, that has caused a number of other analysts to issue statements on the company recently. Stock prices sometimes get a bounce to the upside when analysts upgrade a stock.
Shares of EOG Resources Inc. (NYSE: EOG) opened at $91.19 on Monday trading between $90.09 and $92.80, and last traded at $92.68, which represents a spike of $1.27 or 1.39% from the previous closing price.
EOG Resources Inc. (NYSE: EOG) now has a market cap of 53.43B.
EOG Resources Inc.Average Daily Trading Volume
2,466,961 shares crossed the trading desk yesterday, below normal, out of a total float 574,042,000. Look for trading volume to pick up in the coming days as investors often use swings in trading volume to determine large volume accumulation or circulation by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts that investigate thousands of stocks, so it is good corroboration to see them buying a stock you are researching.
EOG Resources Inc. Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for EOG Resources Inc. (NYSE: EOG) have ranged from $57.15 – 98.32, and the stock now has a 50-day MA of $93.54 and 200-day MA of $87.04. Today’s last price is 5.74%% lower than the 52 week high of $98.32.
Earnings growth is a critical factor to research when buying stocks and investors identify companies that have grown their earnings by at least 25% over a 3 year period.
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