EOG Resources, Inc. (NYSE: EOG) shares rose in value Wednesday Jan 4 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, U.S. stocks opened higher on Wednesday as banking stocks led the Dow Jones Industrial Average closer to the 20,000 milestone.
The Dow DJIA, +0.18% gained 25 points, or 0.1%, to 19,906. The S&P 500 SPX, +0.36% climbed four points, or 0.2%, to 2,262. The Nasdaq Composite Index COMP, +0.50% added 13 points, or 0.3%, to 5,447.
Analysts at Bank of America Corporation upgraded shares of EOG Resources, Inc. (NYSE: EOG) from Neutral to Buy today. With a rating of Buy on the stock, EOG Resources, Inc. has a 52-week high of $109.37. The one-year price target of $109.92 is higher than the opening price of $104.25, resulting a number of other analysts to issue statements on the company in recent days. Share prices sometimes get a boost to the upside when analysts upgrade a stock.
EOG Resources, Inc. (NYSE: EOG) shares last traded at $103.81, which is a jump of $0.27 or 0.00 from the previous closing price. Opening at $104.25, they fluctuated from $103.15 and $104.47 throughout the day.
EOG Resources, Inc. (NYSE: EOG) currently has a market cap of 59.84B.
EOG Resources, Inc. (NYSE: EOG) Average Daily Trading Volume
250,459 shares traded hands yesterday, lower than normal, out of a total float 574,123,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts that investigate thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
EOG Resources, Inc. (NYSE: EOG) 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 successful trades.
Trades for EOG Resources, Inc. (NYSE: EOG) have ranged from $57.15 – 109.37, and the stock now has a 50-day MA of $100.91 and 200-day MA of $91.97. Today’s last price is 0.05% lower than the 52 week high of $109.37.
Earnings growth is a critical factor to consider when buying stocks and investors identify companies that have grown their earnings by at least 25% over 3 consecutive years.
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