Analyst Consensus ?
ConsensusBuy63 ratings
Bullish3860.3%
Neutral2539.7%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
EOG Resources, Inc. · EOG · FY2026 Q1 · Calendar Q2 2026
EOG Resources Beats Q1 2026 Estimates, Raises Guidance on Oil and LNG Strength
EOG Resources delivered a decisive Q1 2026 beat, with EPS of $3.41 (vs $3.23 estimated) and revenue of $6.92B (vs $6.18B estimated), representing surprises of 5.6% and 11.9% respectively. The company generated $1.8B in adjusted net income and $1.5B in free cash flow, returning $950M to shareholders. Management raised guidance, citing capital reallocation toward higher-margin oil and NGLs within a flat $6.5B capex budget, the accretive nCino acquisition (~10% oil production addition), and premium LNG contracts linked to JKM and Brent pricing. Despite the fundamental strength, the stock experienced a -5.7% abnormal move in the session following the report, before recovering +4.6% in subsequent drift. Analyst consensus targets remain well above the current price at $160.44 (vs $139.64), implying meaningful upside if execution holds.
Reported After market closeNYSEEnergy
$74.38B market cap
100quality score
Company context
Snapshot as of publicationEOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in producing basins in the United States, the Republic of Trinidad and Tobago, and internationally. The company also offers crude oil and condensate, and gathering, processing and marketing. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.
Earnings scorecard
Reported versus consensus
Reported EPS
$3.41
Consensus $3
EPS surprise
+5.6%
Reported versus consensus
Reported revenue
$6.92B
Consensus $6.18B
Revenue surprise
+11.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$145.03Current
$65Low
$136.94Average
$196High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Susquehanna | Positive | Positive | Maintain | Jul 21, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 9, 2026 |
| UBS | Buy | Buy | Maintain | Jul 2, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 2, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 1, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 27, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 26, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 13, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | May 11, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 1, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Feb 26, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Feb 12, 2026 |
| Keybanc | Overweight | Downgrade | Jan 16, 2026 | |
| RBC Capital | Outperform | Outperform | Maintain | Jan 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 6, 2025 |
| Argus Research | Hold | Buy | Downgrade | Aug 25, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 22, 2025 |
| Roth Capital | Neutral | Buy | Downgrade | Jul 9, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | May 23, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 13, 2025 |
| Benchmark | Hold | Hold | Maintain | Jan 13, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 3, 2025 |
| TD Cowen | Hold | Hold | Maintain | Apr 30, 2024 |
| Stifel | Buy | Buy | Maintain | Apr 23, 2024 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jun 13, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 24, 2023 |
| TD Securities | Hold | Buy | Downgrade | Dec 15, 2022 |
| Johnson Rice | Hold | Buy | Downgrade | Dec 5, 2022 |
| CFRA | Overweight | Market Weight | Upgrade | Sep 29, 2022 |
| MKM Partners | Buy | Buy | Maintain | Aug 26, 2022 |
| Tudor Pickering | Buy | Hold | Upgrade | Sep 13, 2021 |
| Northland Capital Markets | Perform | Market Perform | Maintain | Sep 14, 2020 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jun 19, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 28, 2020 |
| Edward Jones | Hold | Buy | Downgrade | Feb 20, 2020 |
| Baird | Outperform | Outperform | Maintain | Jan 22, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Jan 7, 2020 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 22, 2019 |
| Imperial Capital | Outperform | Outperform | Maintain | Sep 28, 2017 |
| PiperJaffray | Overweight | Overweight | Maintain | Sep 18, 2017 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Jun 27, 2017 |
| Capital One Financial | Overweight | Equal Weight | Upgrade | Nov 16, 2016 |
| Capital One | Overweight | Equal Weight | Upgrade | Nov 16, 2016 |
| CLSA | Outperform | Underperform | Upgrade | Nov 15, 2016 |
| Societe Generale | Hold | Buy | Downgrade | Oct 3, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Sep 13, 2016 |
| Wunderlich Securities | Buy | Hold | Upgrade | Aug 8, 2016 |
| Wunderlich | Buy | Hold | Upgrade | Aug 8, 2016 |
| Canaccord Genuity | Buy | Hold | Upgrade | May 9, 2016 |
| Cowen & Co. | Perform | Market Perform | Maintain | Mar 30, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Mar 29, 2016 |
| GMP Securities | Buy | Buy | Maintain | Feb 3, 2016 |
| Nomura | Buy | Buy | Maintain | Jan 21, 2016 |
| Macquarie | Neutral | Buy | Downgrade | Feb 20, 2015 |
| Miller Tabak | Buy | Buy | Maintain | Nov 5, 2014 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 21, 2014 |
| KLR Group | Buy | Accumulate | Maintain | Oct 2, 2014 |
| Argus | Buy | Buy | Maintain | Jul 17, 2014 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 16, 2014 |
| Scotia Howard Weil | Sector Perform | Sector Outperform | Downgrade | Apr 15, 2014 |
| ISI Group | Neutral | Neutral | Maintain | May 7, 2013 |
| Brean Capital | Buy | Buy | Maintain | May 11, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $145.03. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $158 | $129.62 | +8.9% | Jul 2, 2026 |
| Jefferies | Analyst unavailable | $175 | $128.59 | +20.7% | Jul 2, 2026 |
| Truist Financial | Analyst unavailable | $134 | $129.73 | -7.6% | Jul 1, 2026 |
| Morgan Stanley | Devin McDermott | $156 | $132.6 | +7.6% | Jun 29, 2026 |
| Mizuho Securities | Analyst unavailable | $157 | $136.2 | +8.3% | May 27, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $141.06 | +10.3% | May 22, 2026 |
| Wells Fargo | Analyst unavailable | $196 | $134.13 | +35.1% | May 13, 2026 |
| Bernstein | Analyst unavailable | $155 | $130.03 | +6.9% | May 11, 2026 |
| Roth Capital | Analyst unavailable | $136 | $134.91 | -6.2% | May 6, 2026 |
| Mizuho Securities | Analyst unavailable | $149 | $140.82 | +2.7% | May 6, 2026 |
| Williams Trading | Analyst unavailable | $177 | $128.43 | +22.0% | Apr 20, 2026 |
| Morgan Stanley | Analyst unavailable | $155 | $149.56 | +6.9% | Mar 27, 2026 |
| Roth Capital | Analyst unavailable | $110 | $122.52 | -24.2% | Feb 25, 2026 |
| Piper Sandler | Analyst unavailable | $123 | $108.59 | -15.2% | Jan 28, 2026 |
| Wells Fargo | Analyst unavailable | $127 | $107.6 | -12.4% | Jan 27, 2026 |
| Susquehanna | Analyst unavailable | $151 | $107.53 | +4.1% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $128 | $107.96 | -11.7% | Jan 23, 2026 |
| Barclays | Betty Jiang | $133 | $109.27 | -8.3% | Jan 21, 2026 |
| Scotiabank | Paul Cheng | $123 | $104.78 | -15.2% | Jan 16, 2026 |
| Jefferies | Analyst unavailable | $140 | $110.74 | -3.5% | Jan 14, 2026 |
| RBC Capital | Analyst unavailable | $138 | $105.44 | -4.8% | Jan 13, 2026 |
| Bernstein | Bob Brackett | $126 | $105.59 | -13.1% | Jan 5, 2026 |
| UBS | Josh Silverstein | $141 | $109.22 | -2.8% | Dec 12, 2025 |
| Mizuho Securities | Analyst unavailable | $134 | $109.46 | -7.6% | Dec 12, 2025 |
| Raymond James | John Freeman | $153 | $109.06 | +5.5% | Dec 3, 2025 |
| Morgan Stanley | Analyst unavailable | $138 | $107.24 | -4.8% | Nov 20, 2025 |
| Piper Sandler | Analyst unavailable | $124 | $109.57 | -14.5% | Nov 18, 2025 |
| Piper Sandler | Analyst unavailable | $129 | $106.37 | -11.1% | Oct 21, 2025 |
| Susquehanna | Analyst unavailable | $170 | $106.22 | +17.2% | Oct 20, 2025 |
| Jefferies | Analyst unavailable | $144 | $109.72 | -0.7% | Oct 13, 2025 |
| Jefferies | Analyst unavailable | $145 | $108.07 | -0.0% | Oct 12, 2025 |
| Barclays | Analyst unavailable | $136 | $110.45 | -6.2% | Oct 7, 2025 |
| Scotiabank | Paul Cheng | $130 | $117.3 | -10.4% | Sep 26, 2025 |
| Mizuho Securities | Nitin Kumar | $133 | $117.54 | -8.3% | Sep 15, 2025 |
| KeyBanc | Tim Rezvan | $138 | $122.23 | -4.8% | Sep 3, 2025 |
| Morgan Stanley | Devin McDermott | $135 | $111.34 | -6.9% | Jun 2, 2025 |
| Piper Sandler | Mark Lear | $133 | $111.32 | -8.3% | Apr 22, 2025 |
| Raymond James | John Freeman | $140 | $109.11 | -3.5% | Apr 21, 2025 |
| Morgan Stanley | Analyst unavailable | $136 | $129.18 | -6.2% | Mar 26, 2025 |
| Piper Sandler | Analyst unavailable | $135 | $122.19 | -6.9% | Mar 6, 2025 |
| Williams Trading | Analyst unavailable | $154 | $121.85 | +6.2% | Mar 5, 2025 |
| Morgan Stanley | Analyst unavailable | $142 | $120.54 | -2.1% | Mar 3, 2025 |
| Barclays | Analyst unavailable | $146 | $126.94 | +0.7% | Feb 28, 2025 |
| Wolfe Research | Doug Leggate | $143 | $124.71 | -1.4% | Jan 2, 2025 |
| KeyBanc | Tim Rezvan | $150 | $127.28 | +3.4% | Oct 16, 2024 |
| Wells Fargo | Roger Read | $135 | $122.93 | -6.9% | Oct 1, 2024 |
| Evercore ISI | Stephen Richardson | $145 | $122.44 | -0.0% | Sep 30, 2024 |
| Piper Sandler | Mark Lear | $147 | $126.54 | +1.4% | Aug 15, 2024 |
| CFRA | Stewart Glickman | $146 | $123.12 | +0.7% | Aug 5, 2024 |
| Susquehanna | Biju Perincheril | $159 | $122.92 | +9.6% | Aug 5, 2024 |
| Truist Financial | Neal Dingmann | $136 | $129.09 | -6.2% | May 16, 2024 |
| Piper Sandler | Mark Lear | $154 | $129.4 | +6.2% | May 14, 2024 |
| RBC Capital | Scott Hanold | $147 | $129.83 | +1.4% | May 9, 2024 |
| Stifel Nicolaus | Derrick Whitfield | $150 | $134.2 | +3.4% | Apr 23, 2024 |
| Mizuho Securities | Nitin Kumar | $140 | $135.29 | -3.5% | Apr 15, 2024 |
| Barclays | Betty Jiang | $144 | $137.06 | -0.7% | Apr 9, 2024 |
| Raymond James | John Freeman | $148 | $121.08 | +2.0% | Dec 22, 2023 |
| Scotiabank | Paul Cheng | $145 | $121.85 | -0.0% | Apr 13, 2023 |
| J.P. Morgan | Arun Jayaram | $153 | $105.73 | +5.5% | Mar 23, 2023 |
| Barclays | Analyst unavailable | $153 | $128.71 | +5.5% | Jan 3, 2023 |
| Truist Financial | Neal Dingmann | $146 | $125.77 | +0.7% | Dec 15, 2022 |
| BMO Capital | Phillip Jungwirth | $125 | $124.06 | -13.8% | Dec 13, 2022 |
| Johnson Rice | Analyst unavailable | $163 | $134.14 | +12.4% | Dec 5, 2022 |
| Raymond James | Analyst unavailable | $171 | $137.95 | +17.9% | Nov 28, 2022 |
| Credit Suisse | William Janela Analyst | $65 | $147.11 | -55.2% | Nov 14, 2022 |
| RBC Capital | Analyst unavailable | $158 | $142.31 | +8.9% | Nov 11, 2022 |
| Credit Suisse | William Janela Analyst | $160 | $142.23 | +10.3% | Nov 7, 2022 |
| J.P. Morgan | Analyst unavailable | $148 | $108.49 | +2.0% | Sep 28, 2022 |
| Citigroup | Analyst unavailable | $139 | $119.63 | -4.2% | Sep 21, 2022 |
| KeyBanc | Tim Rezvan | $157 | $120.43 | +8.3% | Sep 19, 2022 |
| MKM Partners | Leo Mariani Mariani | $130 | $126.28 | -10.4% | Sep 12, 2022 |
| Barclays | Analyst unavailable | $164 | $120.22 | +13.1% | Aug 31, 2022 |
| Morgan Stanley | Analyst unavailable | $149 | $127.41 | +2.7% | Aug 29, 2022 |
| Raymond James | Analyst unavailable | $160 | $118.9 | +10.3% | Aug 23, 2022 |
| Mizuho Securities | Analyst unavailable | $167 | $116.46 | +15.1% | Aug 18, 2022 |
| Truist Financial | Analyst unavailable | $175 | $114.49 | +20.7% | Aug 15, 2022 |
| TD Securities | Menno Hulshof | $135 | $98.41 | -6.9% | Aug 5, 2022 |
| Piper Sandler | Mark Lear | $160 | $111.22 | +10.3% | Aug 1, 2022 |
| MKM Partners | Leo Mariani | $123 | $106.3 | -15.2% | Jul 27, 2022 |
| Raymond James | Analyst unavailable | $150 | $105.48 | +3.4% | Jul 26, 2022 |
| Morgan Stanley | Analyst unavailable | $151 | $101.13 | +4.1% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $173 | $101.24 | +19.3% | Jul 19, 2022 |
| Truist Financial | Analyst unavailable | $180 | $99.95 | +24.1% | Jul 12, 2022 |
| Barclays | Analyst unavailable | $168 | $132.73 | +15.8% | Jun 14, 2022 |
| Mizuho Securities | Analyst unavailable | $175 | $136.85 | +20.7% | May 31, 2022 |
| Barclays | Analyst unavailable | $149 | $131.4 | +2.7% | May 25, 2022 |
| Wells Fargo | Analyst unavailable | $149 | $117.94 | +2.7% | May 10, 2022 |
| Credit Suisse | Analyst unavailable | $148 | $129.37 | +2.0% | May 6, 2022 |
| Raymond James | Analyst unavailable | $170 | $116.12 | +17.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $152 | $120.05 | +4.8% | Apr 22, 2022 |
| Scotiabank | Paul Cheng | $120 | $116.8 | -17.3% | Mar 8, 2022 |
| RBC Capital | Scott Hanold | $140 | $119.12 | -3.5% | Mar 7, 2022 |
| J.P. Morgan | Arun Jayaram | $120 | $113.94 | -17.3% | Feb 28, 2022 |
| MKM Partners | John Gerdes | $127 | $113.94 | -12.4% | Feb 28, 2022 |
| Siebert Williams Shank & Co | Gabriele Sorbara | $130 | $106.36 | -10.4% | Feb 25, 2022 |
| Evercore ISI | Stephen Richardson | $110 | $106.36 | -24.2% | Feb 25, 2022 |
| Credit Suisse | William Janela | $122 | $106.36 | -15.9% | Feb 25, 2022 |
| Susquehanna | Biju Perincheril | $135 | $111.95 | -6.9% | Feb 2, 2022 |
| Wolfe Research | Josh Silverstein | $114 | $83.95 | -21.4% | Dec 14, 2021 |
| Morgan Stanley | Devin McDermott | $121 | $84.67 | -16.6% | Dec 13, 2021 |
| UBS | Lloyd Byrne | $122 | $86.64 | -15.9% | Nov 17, 2021 |
| Argus Research | Bill Selesky | $111 | $89.64 | -23.5% | Nov 15, 2021 |
| Tudor Pickering | Matthew Portillo | $82 | $67.11 | -43.5% | Sep 13, 2021 |
| Citigroup | Scott Gruber | $98 | $77.8 | -32.4% | Jul 13, 2021 |
| Bernstein | Bob Brackett | $114 | $79.93 | -21.4% | Jun 21, 2021 |
| Johnson Rice | Charles Meade | $105 | $82.19 | -27.6% | Jun 8, 2021 |
| Goldman Sachs | Neil Mehta | $80 | $64.49 | -44.8% | Apr 20, 2021 |
Track every rating change on EOG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-4.4%
Event window
SPY move
+1.4%
Same window
Abnormal move
-5.7%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+4.6%
Up to 20 sessions
EOGSPY benchmark
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What changed
From the prior quarter (Q4 2025), EOG's guidance sentiment shifted from maintained to raised. Capex outlook moved from increasing to stable, with the $6.5B budget held flat while capital was reallocated toward oil and NGLs. The nCino acquisition (~10% oil production gain) and an Eagle Ford bolt-on were new additions this quarter. LNG contracts were newly linked to JKM and Brent pricing indices. The Janus gas processing plant achieved a record 100% utilization month in March. International exploration timeline shifted, with UAE and Bahrain results now expected in H2 2026 rather than Q2. The Encino acquisition synergies of $150M, highlighted last quarter as ahead of schedule, are now fully integrated into the operating base.
Guidance delta
Guidance was raised from the prior quarter's maintained stance. Management plans to increase oil and NGL production while keeping total capex flat at $6.5B. The company committed to returning at least 70% of free cash flow to shareholders. New targets include expanding LNG contract volumes toward ~1 bcf/day, with UAE and Bahrain exploration results expected in H2 2026. Additional acquisitions and bolt-on opportunities remain under consideration.
Key takeaways
- Q1 2026 EPS of $3.41 beat estimates by 5.6%; revenue of $6.92B beat by 11.9%
- Adjusted net income of $1.8B and free cash flow of $1.5B, with $950M returned to shareholders
- Guidance raised: capital reallocated toward oil and NGLs within a flat $6.5B capex budget
- nCino acquisition adds roughly 10% oil production; Eagle Ford bolt-on also completed
- LNG contracts secured with pricing linked to JKM and Brent indices
- Janus gas plant achieved record 100% utilization month in March
Management priorities
- Increase oil and NGL production while maintaining flat $6.5B capex
- Expand LNG contract volumes toward ~1 bcf/day
- Deliver UAE and Bahrain exploration results in H2 2026
- Return at least 70% of free cash flow to shareholders via dividends and buybacks
- Pursue further acquisitions and bolt-on opportunities
- Leverage Corpus Christi export capacity and premium LNG marketing
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T12:07:45.080210+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T12:07:45.077116+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.