EOG Resources (EOG) Stock Down in After-Hours Trading on Revenue Miss
NEW YORK (TheStreet) -- EOG Resources (EOG) - Get Report stock is declining 1.38% to $85.25 in after-hours trading on Thursday after the company reported lower than expected revenue for the 2015 third quarter. Earnings exceeded expectations.
Revenue declined year-over-year to $2.17 billion from $5.12 billion, falling short of estimates of $2.35 billion for the latest quarter.
The oil and gas company reported earnings of 2 cents per share for the quarter, while analysts were expecting a loss of 30 cents per share.
"We are executing on our 2015 plan to reset the company to be successful in a low commodity price environment," CEO William Thomas said in a statement.
During the quarter, EOG Resources' total production averaged 52.4 million barrels of oil equivalent a day as oil production surpassed guidance due to increased well productivity.
Oil production reached 279.5 thousand barrels per day, compared with the guidance of 269.7 thousand barrels per day.
Capital expenditures were down 36% year-over-year.
Separately, TheStreet Ratings team rates EOG RESOURCES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate EOG RESOURCES INC (EOG) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: EOG
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