NEW YORK (TheStreet) -- Shares of EOG Resources Inc. (EOG) are higher by 7.10% to $96.69 in late morning trading on Wednesday, after the company reported its third quarter 2014 net income increased to $1.10 billion, or $2.01 per share, compared to $462.5 million, or 85 cents per share for the year ago period.
On an adjusted basis the oil and gas exploration company said net income was $720.6 million, or $1.31 per share, compared to $634.3 million, or $1.16 per share for the 2013 third quarter.
Analysts polled by Thomson Reuters were expecting adjusted earnings per share of $1.30 for the quarter.
The company's net operating revenues grew to $5.12 billion, from $3.54 billion for the same quarter in 2013.
Analysts were expecting revenue of $4.33 billion for the third quarter of 2014.
Separately, TheStreet Ratings team rates EOG RESOURCES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EOG RESOURCES INC (EOG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."