EOG Resources Inc. (EOG) is a 'Buy' on Encino Integration and Expansion Plans: UBS

EOG Resources Inc. (NYSE:EOG) is one of the most profitable energy stocks to buy right now. On October 9, analysts at UBS reiterated a ‘Buy’ rating on the stock with a $144 price target following a tour of the company’s facilities in Ohio.

Following the tour, the investment bank remains buoyed by the development of EOG’s Utica operations with the opening of a new division in Columbus, Ohio. The company is expanding its Utica operations following the $5.6 billion acquisition of Encino Energy’s assets.

Likewise, UBS expects the company to meet or exceed the $150 million in synergy targets following the Encino acquisition as it increasingly integrates the assets. Additionally, UBS has echoed the company’s push to use in-house technologies and manufacturing capabilities for motors, drill bits, and production facilities, as they are expected to cut costs.

EOG Resources Inc. (NYSE:EOG) is an oil and natural gas company that explores, develops, and produces crude oil and natural gas. The company has operations primarily in North America (including the Permian Basin, Eagle Ford, and Bakken), as well as in Trinidad and the United Kingdom.

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Disclosure: None. This article is originally published at Insider Monkey.