Information Provided By:
Fly News Breaks for January 4, 2019
EOG
Jan 4, 2019 | 08:44 EDT
BofA/Merrill analyst Doug Leggate downgraded EOG Resources to Neutral from Buy and lowered its price target to $115 from $135. The analyst downgraded a number of U.S. Oil and Gas stocks, stating that he prefers "discipline over growth" among large caps. Leggate and the team acknowledge a recovery in oil prices could lead to material upside, but views volatility as the biggest challenge as too many stocks are competing for shrinking investor dollars and views EOG Resources' risk/reward as balanced with a base case of $60 WTI/$65 Brent.