EOG Resources (EOG) Soars 3.9%: Is Further Upside Left in the Stock?

EOG Resources (EOG) shares rallied 3.9% in the last trading session to close at $125.28. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.1% gain over the past four weeks.The surge can be attributed to a broader gain on crude prices, which closed almost 7% higher in the previous trading session. The rise in crude prices was due to geopolitical tensions in the Middle East, particularly the conflict between Iran and Israel. Being an exploration and production firm, EOG Resources’ financial performance is closely tied to oil and gas prices. EOG Resources boasts a multi-basin asset portfolio and low-breakeven production costs. Recently, the company also announced an acquisition of Encino Acquisition Partners, which expands its acreage in the Ultica Basin. Its diversified asset base and cost-efficient operations, along with the rise in commodity prices, have been significant growth drivers. This oil and gas company is expected to post quarterly earnings of $2.11 per share in its upcoming report, which represents a year-over-year change of -33.2%. Revenues are expected to be $5.37 billion, down 10.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For EOG Resources, the consensus EPS estimate for the quarter has been revised 3.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on EOG going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>EOG Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Riley Exploration Permian, Inc. (REPX), another stock in the same industry, closed the last trading session 0.5% higher at $28.44. REPX has returned 2% in the past month.For Riley Exploration Permian, the consensus EPS estimate for the upcoming report has changed -11.3% over the past month to $1.26. This represents a change of -21.7% from what the company reported a year ago. Riley Exploration Permian currently has a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG): Free Stock Analysis Report Riley Exploration Permian, Inc. (REPX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks