EOG Resources Inc. (NYSE: EOG) shares rose in value on Friday January 20 on slower 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 rose Friday morning as Wall Street closely awaited Donald Trump’s inauguration as the nation’s 45th president.
The Dow Jones Industrial Average DJIA, +0.41% rose 95 points, or 0.5%, to 19,826, while the S&P 500 index SPX, +0.41% climbed 11 points, or 0.5%, to 2,275 and the Nasdaq Composite COMP, +0.37% added 28 points, or 0.6%, to 5,571.
Analysts at KLR Group upgraded shares of EOG Resources Inc. (NYSE: EOG) from Accumulate to Buy today. The company currently has a rating of Buy on the stock. As a means of comparison, a number of other analysts have commented on the company in recent days, and EOG Resources Inc. has earned a consensus one-year price target of $112.21, higher than the opening price of $106.23. EOG Resources Inc. stock has a 52-week high of $109.37. Stock prices sometimes get a spike to the upside when analysts upgrade a stock.
Shares of EOG Resources Inc. (NYSE: EOG) opened at $106.23 yesterday and traded in a range between, $106.01 and $106.54, and last traded at $106.18, an increase of $0.99 over the previous closing price.
EOG Resources Inc. (NYSE: EOG) now has a market cap of 61.21B.
EOG Resources Inc. (NYSE: EOG) Average Daily Trading Volume
406,172 shares traded hands yesterday, 26 percent 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 just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts that research thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.
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 spotting trends, moving averages allow investors 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 $61.51 – 109.37, and the stock now has a 50-day MA of $104.04 and 200-day MA of $93.64. Today’s last price is 2.92%% under the 52 week high of $109.37.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings at least 25% or more for a 3 year period.
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