Jefferies Lifts EOG Resources (EOG) Price Target, Keeps Buy Rating

EOG Resources, Inc. (NYSE:EOG) is one of the 10 Best Oil and Gas Stocks to Buy Now. On June 13, Jefferies increased its price target on EOG Resources, Inc. (NYSE:EOG) from $144 to $148 while keeping a “Buy” rating.

This decision came after discussions with EOG Resources, Inc.’s (NYSE:EOG) Vice President and Head of Investor Relations Pearce Hammond. The talks focused on the company’s recent Encino acquisition and plans for development in the future.

Jefferies confirmed EOG Resources, Inc.’s (NYSE:EOG) earlier statement that the Encino acquisition would boost EBITDA and cash flow by 10%. However, the firm’s own analysis suggests that free cash flow could improve even more, especially after taking into account about $150 million in synergies and expected changes in production.

The higher price target is based on the assumption by Jefferies that the Encino acquisition will be completed in the third quarter of 2025. This deal is expected to provide EOG Resources, Inc. (NYSE:EOG) with more production assets and operational efficiencies.

EOG Resources, Inc. (NYSE:EOG) is one of the largest American crude oil and natural gas exploration and production companies with proven reserves in the US and Trinidad.

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