WTI crude for September delivery is up by 1.54% to $48.12 a barrel, while Brent crude for September delivery is rising by 0.15% to $54.55 this afternoon, according to the CNBC.com index.
Analysts are divided on whether oil prices will start to trend upward or continue to fall, Reuters reports.
"We see prices staying lower for longer, but that is a function of [the] crude supply response," Energy Aspects analyst Virendra Chauhan said at a Reuters Global Oil Forum discussion.
A poll on Monday, however, showed expectations for a 300,000 barrel decrease in U.S. crude oil inventory for the week ended July 24, Reuters added.
Additionally, EOG Resources will announce its 2015 second quarter earnings results on August 6 after the market close.
So far today, 5.57 million shares of EOG Resources have exchanged hands, compared with its average daily volume of 4.20 million shares.
Separately, TheStreet Ratings team rates EOG RESOURCES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EOG RESOURCES INC (EOG) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- The current debt-to-equity ratio, 0.40, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.12, which illustrates the ability to avoid short-term cash problems.
- The gross profit margin for EOG RESOURCES INC is rather high; currently it is at 68.25%. Despite the high profit margin, it has decreased significantly from the same period last year. Despite the mixed results of the gross profit margin, EOG's net profit margin of -7.35% significantly underperformed when compared to the industry average.
- EOG, with its decline in revenue, slightly underperformed the industry average of 38.8%. Since the same quarter one year prior, revenues fell by 43.2%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
- EOG RESOURCES INC has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. This company has reported somewhat volatile earnings recently. We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, EOG RESOURCES INC increased its bottom line by earning $5.32 versus $4.03 in the prior year. For the next year, the market is expecting a contraction of 96.0% in earnings ($0.21 versus $5.32).
- Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 34.18%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 125.61% compared to the year-earlier quarter. Turning toward the future, the fact that the stock has come down in price over the past year should not necessarily be interpreted as a negative; it is one of the factors that makes this stock an attractive investment.
- You can view the full analysis from the report here: EOG Ratings Report