As reported earlier, RBC Capital analyst Scott Hanold upgraded EOG Resources to Outperform from Sector Perform but lowered his price target to $125 from $142. The analyst is positive on the company's "strong balance sheet, high quality asset base, and valuation that now looks more favorable", also citing the company's "more durable" business model amid a "more volatile" oil price environment expected for the next several months. Hanold adds that while his new price target assumes a 5%-10% discount to his net asset value view, he is positive on EOG Resources' efforts to decouple the "business from commodity prices by focusing on debt reduction, premium drilling, and capturing margin in ancillary areas."